Lyft's billion-dollar typo

PLUS: Tidal kite brings first marine power to grid

Welcome, Tech enthusiasts.

Lyft just took its investors on the ride of their lives.

The rideshare giant saw its stock soar on initial reporting — before a costly typo erased a casual $2B in market value. Fasten your seatbelts!

In today’s tech rundown:

  • Lyft shares surge, then plunge after earnings typo

  • Giant tidal ‘kite’ delivers first power to grid

  • 7 New products

  • Mozilla resizes, cuts 5% of workforce

  • Intuitive Machines set for moon launch

  • Stellantis finally adopts EV fast charger standard

Read time: 3 minutes

TODAY’S HEADLINES

LYFT

Image source: TrendSpider

The Rundown: Lyft shares initially spiked over 60% on stronger-than-expected earnings but plummeted after a typo in a key growth figure in what turned into a rollercoaster day for the rideshare company.

The details:

  • The earnings release said 2024 margin expansion would be 500 basis points (5%), but the CFO corrected it to only 50 (.5%) on the call.

  • After soaring 64% on the initial news, the typo erased over $2B in Lyft’s market value.

  • Q4 numbers were positive, with a 4% revenue rise to $1.22B, and the company expects positive free cash flow for the first time in 2024.

  • Lyft shares have struggled since its IPO in 2019 and were down 19% this year prior to reporting.

Why it matters: Lyft’s wild stock chart looks like something out of the crypto world. While everyone makes a mistake from time to time — doing it on a public earnings report has to be one of the more expensive typos in history.

TOGETHER WITH TWEETHUNTER

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ENERGY TECH

Image source: Minesto

The Rundown: A 28-ton tidal energy device called the Dragon 12 has started generating renewable electricity in the Faroe Islands from marine currents, marking a milestone for ocean energy.

The details:

  • The kite moves in a repeated figure-eight motion to generate water flow around the device.

  • It uses currents to produce 1.2MW — enough to power around 1,000 homes.

  • It’s designed by Swedish company Minesto to be smaller and more efficient than massive tidal turbines.

  • With €40m in EU funding, the Dragon 12 demonstrates a new competitive renewable energy approach suitable for islands and coastal communities.

Why it matters: Harnessing reliable tidal currents could augment less consistent wind and solar options, especially for more remote areas — and modular tech like Minesto's kite helps pave the way for competitive and scalable marine energy.

NEW PRODUCTS

📝 Superlist- Create to-do lists, capture thoughts or detailed notes, assign tasks to teammates, and more (link)

📊 Ffoward AI- Unlock insights and patterns in user interviews and build a better product roadmap (link)

📫 Mailforge- Auto-generate domains and mailboxes for cold email with minutes (link)

⚙️ Hurree- Effortlessly track data from your most used tools with no-code visual dashboards (link)

🛠️ Taipy- Build powerful data and AI apps in pure Python — no background in web development required (link)

💨 Dualite- The fastest way to turn Figma designs into code (link)

Browse the most popular tools ever featured with our tool database.

SNIPPETS

Walmart is reportedly in talks to acquire TV maker Vizio for around $2B, aiming to compete with Amazon and other retailers in the affordable smart TV market.

Intuitive Machines is set to launch its first lunar lander, aiming to become the first private company to successfully land on the moon.

The EU decided that Apple’s iMessage, as well as Microsofts Bing and Edge, won’t face harsher rules under the Digital Markets Act after they were not ruled as ‘core platform services’.

Mozilla announced that the company is laying off about 5% of its workforce, focusing resources on Firefox Mobile and AI initiatives.

Waymo issued its first software recall following issues that caused two robotaxis to crash into the same pickup truck in Phoenix last December.

Stellantis announced it will adopt the J3400 EV charging standard starting in 2025, becoming the last major automaker to switch over — but curiously didn’t mention Tesla’s Supercharger network in the press release.

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THAT’S A WRAP

If you have anything interesting to share, please reach out to us by sending us a DM on Twitter: @rowancheung & @therundowntech

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