Lyft's founders gave a weird, whimsical explanation for what the 'Y' in its name stands for
- On Friday, the ride-hailing firm Lyft listed on the Nasdaq under the ticker symbol that's spelled just like its name: LYFT.
- In the company's S-1 filing in early March, its founders, Logan Green and John Zimmer, wrote that the "Y" in Lyft actually stood for "why."
- "The why in what Lyft is doing is most important to us, as well as the cities and communities we serve, and it will always be our company’s North Star," the founders wrote.
- The company's mission, they said, is to "improve people's lives with the world's best transportation."
- Lyft has long tried to differentiate itself as a more approachable or friendlier alternative than its much larger competitor, Uber.
On Friday, the ride-hailing firm Lyft listed on the Nasdaq under the ticker symbol that's spelled just like its name: LYFT.
But ever wonder why Lyft is spelled that way in the first place?
In the company's S-1 regulatory filing in early March, its founders, Logan Green and John Zimmer, wrote that the "Y" in Lyft actually stood for "why."
"The why in what Lyft is doing is most important to us, as well as the cities and communities we serve, and it will always be our company's North Star," the founders said.
The company's mission, the pair wrote, is to "improve people's lives with the world's best transportation."
Read more: Lyft to go public Friday at a whopping $21 billion valuation
Lyft has long tried to differentiate itself from its much larger competitor, Uber, by marketing its ride-hailing app as a more down-to-earth alternative with a friendlier, more whimsical face.
Originally, Lyft required drivers to put giant fuzzy mustaches on the front of their cars and urged passengers to fist-bump the driver upon taking their seat. Lyft has also tried to promote itself as treating drivers better than Uber — it offered tipping as an option in its app, for example, long before Uber did.
The founders wrote in their S-1 that they thought their platform could improve lives socially (by bringing people together), economically (by providing affordable transportation options), and environmentally (by cutting down on carbon emissions).
"We've been able to drive industry-leading growth against many odds, fueled by a company culture that attracts and retains top talent who is passionate about our shared purpose," the letter said. "In today's world, operating with a genuine mission is essential to establishing an enduring brand and successful business."
Its revenue in 2018, according to the filing, was $2.2 billion.