Lyft stock drops on news that COO Jon McNeill is leaving

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Lyft Chief Operating Officer Jon McNeill is leaving the company, a source familiar with the situation told CNBC. Lyft shares were down more than 2% Monday afternoon.

McNeill came to Lyft from Tesla, where he served as president of global sales and services. He also started and ran eight technology and retail companies, according to Lyft’s hiring announcement for McNeill in February 2018.

The news comes just a few months after Lyft’s March IPO. The stock had a rocky start to trading, but is up more than 5% over the past three months. Lyft’s market value has dropped nearly $4 billion since the close of its first day of trading. The stock closed its debut day with a market cap of $22.2 billion, but now sits at $18.6 billion.

Lyft declined to comment.

This story is developing, check back for updates.

-CNBC’s Sally Shin contributed to this report.

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