Lyft Inc. (LYFT) Sets New Record High as California Bill Raises Rosy EBITDA Prospects

Group 1 - Lyft Inc. shares reached a new all-time high, driven by investor optimism regarding potential benefits from pending California legislation [1][3] - The stock hit a 52-week price of $20.50 during trading, closing up 9.77% at $20.44 [2] - Proposed California bills AB 1340 and SB 371 would allow drivers to negotiate terms as a union while keeping their independent contractor status, potentially lowering costs for Lyft [3][4] Group 2 - Bernstein estimates that the legislation could reduce Lyft's costs by nearly 30% of its 2026 EBITDA, although most savings may be reinvested into lower consumer prices and higher driver earnings [4] - Lyft plans to raise $450 million through convertible senior notes due 2030, with proceeds aimed at funding a share buyback program and other corporate purposes [5]