Getaround stock crashes after carsharing company goes public in SPAC deal

Key Facts

• Paul Chinn | San Francisco Chronicle | Getty Images Carsharing company Getaround made its public market debut Friday through a merger with blank-check company InterPrivate II Acquisition Corp. The company saw its share value drop more than 65%, reflecting the chilly environment for both SPACs and ridesharing companies.
• Getaround, which made the very first CNBC Disruptor 50 list in 2013, allows users to rent cars and trucks from each other via a digital marketplace.
• The merger had valued the company at about $1.2 billion, and Getaround said it planned to use the funds to invest in new markets and expand its products.
• Lyft shares plummeted in November after the company reported worse-than-expected revenue and a slowing active user count, and the business announced the same month that it would be laying off 13% of its workforce.

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