Lyft shares hit new low as Uber IPO chatter revs up

Shares of recently listed Lyft Inc fell to a fresh low and closed the day down almost 11 percent on Wednesday on news that rival Uber Technologies Inc was close to filing its own initial public offering. In ride-hailing company Lyft's ninth day of trading its shares clocked their lowest closing price since going public on March 29. Reuters reported late Tuesday that rival Uber would seek to sell around $10 billion worth of stock in an IPO, and file the offering with regulators as soon as Thursday.

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The Ugly History of Dual-Loyalty Charges

When Representative Ilhan Omar recently complained about “the political influence in this country that says it is okay to push for allegiance to a foreign country,” many noted accurately that she had deployed a trope—dual loyalty—that had been used against Jews for years. But this accusation has a broader history in the United States, having been used against several religious minorities—including Muslims like Omar. Indeed, many battles over religious freedom have revolved around dual-loyalty claims. [ Read: Ilhan Omar just made it harder to have a nuanced debate about Israel ] In the 19th century, many attacks on Catholics stressed that these immigrants were pawns of a foreign power. In the 1830s, Samuel Morse—then a prominent painter and later the inventor of the telegraph—urged Americans to build “walls” and “gates” to keep out Catholic immigrants, who would always be loyal to Rome. Because these Catholic immigrants were decrepit —“halt, and blind, and naked”—they were easy to co...

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