Matt Geiger, managing partner at MJG Capital Fund, shares his thoughts on the resource sector, honing in on the health of the junior miners.
In his view, after a decade of hit-or-miss performances, the best is yet to come.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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There are many factors to consider when investing in silver-focused stocks, including the silver price outlook, the company’s management team and whether its assets are in one of the top silver-producing countries.
Location can be key, and knowing the top silver-producing countries can help investors made sound decisions. For example, high silver production in a particular nation might indicate mining-friendly laws or high-grade deposits.
So which country produces the most silver? In 2024, Mexico was once again the world’s leading silver-producing country, followed by China and Peru.
Increasing silver demand in recent years hasn’t been met by increases in mine production; global silver production totaled 25,000 metric tons in 2024, pulling back slightly during the period. As the majority of the world’s silver production comes as a byproduct from the mining of gold, copper, lead and zinc, silver production has largely been tied to fortunes in those other markets rather than its own fundamentals.
With prices of the metal rising to their highest level in more than a decade, the top silver countries could benefit.
Below is an overview of the countries that are already driving the mining output in 2024. Statistics are based on the latest report from the US Geological Survey, along with supporting data from Mining Data Online (MDO) and the UN Comtrade database.
The USGS reports silver production in metric tons while most companies report in ounces. As a point of reference, 1 metric ton of silver is equivalent to 35,274 ounces of the metal.
Silver production: 6,300 metric tons
Mexico is the world’s largest silver producer with production of 6,300 metric tons of the precious metal in 2024, nearly double second-place China.
Silver has been an important commodity for the country for hundreds of years, with evidence of trade dating back to the 1500s. In 2024, the mining sector in Mexico contributed $312.46 billion pesos to the Mexican economy, and silver alone made up $68.24 billion pesos of that total.
The states of Zacatecas, Durango and Chihuahua account for 80 percent of the country’s total output of the metal. The country’s largest silver mine is Newmont’s (TSX:NGT,NYSE:NEM) Penasquito mine in Zacatecas. In 2024, the mine produced 33 million ounces (935.5 metric tons) of silver and is expected to deliver more than 28 million ounces in 2025.
Mexico is also home to Fresnillo (LSE:FRES), the world’s largest silver producer. In 2024, the company produced 56.3 million ounces (1,496 metric tons) of silver between its mines, which are all located in the country.
Silver production: 3,300 metric tons
China produced 3,300 metric tons of silver in 2024, a decline from the 3,400 metric tons it produced in 2023. According to Shanghai Metal Market (SMM), the drop off is part of a longer trend that is owed to lower silver grades as older mines begin to deplete reserves of the metal.
Most silver is produced as a byproduct metal from the mining of lead, copper, zinc and gold. Of the few silver primary operations in the country, Silvercorp Metals’ (TSX:SVM,NYSEAMERICAN:SVM) Ying mining district is the largest, hosting seven underground mines and two processing plants.
In its fiscal year ended March 31, 2025, the Ying mining district produced 6.95 million ounces (197 metric tons) of silver, up 17 percent year-over-year. The increase was supported in part by an extension to the number two mill in November 2024.
Silver production: 3,100 metric tons
Peru produced 3,100 metric tons of silver in 2024, making it the world’s third largest silver country. Its 2024 production was down from 3,200 metric tons in 2023, in part due to declining grades and social unrest.
Overall, the mining industry plays a significant role in the Peruvian economy, accounting for 9.5 percent of its GDP. In 2024, total mineral exports from the country were tallied at US$49 billion, with copper making up more than half of the value of trade and silver accounting for approximately US$1.3 billion.
Silver production in Peru is primarily a byproduct of copper mining. The largest operation in the country is the Antamina mine, a joint venture between BHP (ASX:BHP,NYSE:BHP,LSE:BHP), Glencore (LSE:GLEN,OTC Pink:GLCNF), Teck (TSX:TECK.B,TSX:TECK.A,NYSE:TECK) and Mitsubishi (TSE:8058). In 2024, the mine produced 11.36 million ounces of silver.
Silver production: 1,300 metric tons
Bolivia’s silver production totaled 1,300 metric tons in 2024, a slight decline from 2023’s 1,350 metric tons, tying it with Poland for the fourth highest silver producing country. The resource industry makes up a substantial portion of Bolivia’s exports. Silver exports alone generated US$1.2 billion for Bolivia’s economy in 2024.
Bolivia’s largest mine is the San Cristóbal silver-lead-zinc mine in Potosí, which produced 16.8 million ounces of silver in 2024, up 33 percent year-over-year. Private company San Cristobal Mining acquired the mine from Sumitomo (TSE:8053) in early 2023.
Another significant silver operation in Bolivia is Andean Precious Metals’ (TSXV:APM,OTCQX:ANPMF) San Bartolomé silver-gold operation. San Bartolomé’s production has steadily decreased from 5.47 million ounces in 2020 to 4.32 million ounces in 2024, during which time it transitioned from mining to processing material from its fines disposal facility and third parties.
Silver production: 1,300 metric tons
Silver production in Poland was 1,300 metric tons in 2024, just below the 1,320 metric tons it registered the previous year. While its output comes in significantly below the top three silver countries, Poland holds the world’s third highest silver reserves at 61,100 metric tons.
In total, the mining sector accounts for 7 percent of Poland’s GDP. In 2024, silver exports rose to 1,328.27 metric tons from 1,256.25 metric tons in 2023 and represented a value of US$1.2 billion.
KGHM Polska Miedz (FWB:KGHA) is Poland’s top silver company and one of the world’s top silver producers, producing the metal as a by-product at its Polish copper mines, including the Polkowice-Sieroszowice mine. According to the World Silver Survey, KGHM produced 1,341 metric tons of silver in 2024 between its Polish and international operations.
Silver production: 1,200 metric tons
Chile produced 1,200 metric tons of silver in 2024, down from the 1,260 metric tons in 2023.
Mining is a significant contributor to the Chilean economy. In 2024, the sector accounted for 14 percent of the nation’s GDP and was a driving force behind the country’s overall 5.6 percent growth rate.
With 85 percent of Chilean silver output coming as a byproduct of copper mining, declines in recent years have been owed to production issues and low prices in the copper sector. According to Reuters, copper output from state-run mining company Codelco fell to a 25 year low in 2023 and struggled to recover.
At Chuquicamata, one of the company’s largest operations, silver production gradually declined from its peak of 10.91 million ounces in 2019 to 8.14 million ounces in 2023, before plunging to 5.7 million ounces in 2024.
Silver production: 1,200 metric tons
Russia produced 1,200 metric tons of silver in 2024, a slight decrease from the 1,240 metric tons it produced the previous year.
Mangazeya Plus is the country’s largest silver producer from its portfolio of mines in the country, including its largest silver operation, the Dukat mine, which produced an estimated 7.7 million ounces of silver in 2023.
Prior to 2024, the owner of these assets was Kazakhstan-based Polymetal International, now named Solidcore Resources. However, due to operational challenges associated with sanctions against Russian metals exports, the company sold all of its Russian mining assets to Mangazeya Plus.
Silver production: 1,100 metric tons
The United States produced 1,100 metric tons of silver in 2024, an increase from the 1,020 metric tons mined the previous year. Silver is mined in 12 states, with Alaska and Idaho topping the list of regional producers.
Production of silver came from four silver-primary mines, with additional amounts produced as a byproduct of gold and base metals at 31 other operations.
The largest silver operation in the United States is Hecla Mining’s (NYSE:HL) Greens Creek silver mine in Southern Alaska. In 2024, the mine produced 8.48 million ounces (240 metric tons) of silver, as well as several other metals as by-products of its silver operations.
In terms of economic contribution, silver contributed US$960 million to the US economy in 2024, with the majority of the metal destined for domestic markets, with just 140 metric tons being exported.
Silver production: 1,000 metric tons
Australia produced 1,000 metric tons in 2024, just 30 metric tons fewer than registered in 2023.
According to the Reserve Bank of Australia, mining holds the largest share of the nation’s GDP with 12.2 percent, and resources make up 59.2 percent of the country’s total exports. However, like the United States, the majority of silver is used domestically for manufacturing and investment.
Australian silver production also comes as a byproduct of mining other metals like gold, copper and other base metals. South32’s (ASX:S32,OTC Pink:SHTLF) Cannington lead-silver-zinc mine is by far the largest silver operation in Australia, producing 12.67 million ounces of silver in 2024.
Silver production: 1,000 metric tons
Kazakhstan produced 1,000 metric tons of silver in 2024, up from 985 metric tons in 2023. Output in the country has risen significantly since 2020, when it produced just 435 metric tons of the precious metal.
The largest silver mining operation in the country is the Kazzinc Complex, a 70/30 joint venture between Glencore and the state-run Tau-Ken Samruk. In 2024, the mine produced 3.34 million ounces of silver, a sizable increase from the 2.73 million ounces produced in 2023.
Overall, the mining sector’s contribution to the Kazakh economy has exploded in recent years. According to the USGS Kazakhstan 2022 Mineral Yearbook released in March 2025, mineral exports were pegged at US$84.6 billion in 2022, a 40.2 percent increase compared to 2021 and 68 percent of the country’s total exports.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
The U.S. isn’t interested in open-ended funding for Ukraine amid ongoing peace talks to end the war between Russia and Ukraine, according to the White House.
President Donald Trump, who ruled out sending U.S. troops on the ground to support Ukraine, is very ‘sensitive to the needs of the American taxpayer,’ according to White House press secretary Karoline Leavitt.
‘He made it very clear that we’re not going to continue writing blank checks to fund a war very far away, which is why he came up with a very creative solution to have NATO purchase American weaponry, because it is the best in the world, and then to backfill the needs of the Ukrainian army and the Ukrainian people in their military,’ Leavitt told reporters Tuesday.
‘So that’s the solution the president has come up with. We’ll continue to see that forward,’ Leavitt said. ‘As for any additional sales, I’ll have to refer you to the Department of Defense.’
Congress has passed several pieces of legislation to support Ukraine, totaling at least $175 billion in spending to aid it since February 2022, according to the Council on Foreign Relations.
Meanwhile, Trump approved a deal in July allowing European allies to purchase U.S. weapons, like Patriot missile defense systems, for Ukraine.
The Trump administration’s defense budget proposal did not allocate any funding to purchase weapons for Ukraine, nor did the House defense appropriations bill passed in July. Even so, the Senate’s version of the measure that the upper chamber is slated to consider later in 2025 includes $800 million toward the program.
Leavitt’s comments echo ones made by Vice President JD Vance, who said Aug. 10 following meetings with European officials in the U.K. that he communicated to European leaders that the U.S. is ‘done with the funding of the Ukraine war business,’ and that European allies must take one greater responsibility in ending the conflict.
‘What we said to Europeans is simply, first of all, this is in your neck of the woods, this is in your back door,’ Vance said in an interview with Fox News. ‘You guys have got to step up and take a bigger role in this thing, and if you care so much about this conflict you should be willing to play a more direct and a more substantial way in funding this war yourself.’
On Monday, Trump met with Ukrainian President Volodymyr Zelenskyy and other European leaders at the White House, where they discussed various security measures to prevent Russian aggression against Ukraine again. However, Trump said Tuesday that sending U.S. troops to Ukraine to beef up security in the region was off the table.
‘The president has definitively stated, U.S. boots will not be on the ground in Ukraine, but we can certainly help in the coordination and perhaps provide other means of security guarantees to our European allies,’ Leavitt said. ‘The president understands security guarantees are crucially important to ensure a lasting peace, and he has directed his national security team to coordinate with our friends in Europe, and also to continue to cooperate and discuss these matters with Ukraine and Russia as well.’
Supreme Court Justice Amy Coney Barrett knows how to command an audience.
This was crystallized Monday night at the Swissotel in Chicago, where she spoke for just three minutes to several hundred judges and legal professionals gathered for the Seventh Circuit Judicial Conference.
Her remarks, though short, were optimistic and warm. She urged the courts to keep their sense of ‘camaraderie and professionalism’ despite inevitable, sharp disagreements. This, she said, is ‘what enables the judicial system to work well.’
Barrett smiled fondly as she remembered her time on the 7th Circuit, where she served for several years prior to her nomination to the Supreme Court. She introduced the next speaker, who took the stage to another standing ovation.
And just as quickly as she entered the packed ballroom, she was gone.
As the youngest justice on the bench, Barrett’s ideology over her nearly five-term tenure on the Supreme Court has been the subject of furious speculation, and at times, just plain fury.
Conservatives have panned her record as more moderate than that of the late Justice Antonin Scalia, for whom she once clerked. Liberals have been incensed by her reluctance to side more consistently with the court’s left-leaning justices on abortion, federal powers and other seminal cases.
Barrett’s voting record is more moderate than Scalia’s, according to a June New York Times data analysis that found she plays an ‘increasingly central role’ on the court.
Barrett used her time on Monday to implore the group of judges to maintain a sense of grace, decorum, and respect for colleagues, despite the inevitable, heated disagreements that will occur.
The warm, if somewhat lofty, sense of idealism on display is one that is expected to be echoed further in her forthcoming memoir, ‘Listening to the Law: Reflections on the Court and Constitution,’ slated for publication next month.
The theme of Monday’s remarks, to the extent there was one, stressed working toward common goals, accepting ideological differences and embracing disagreement while keeping a broader perspective — a point echoed by Barrett and earlier speakers, who cited David Brooks repeatedly in praising purpose-driven public service.
The upside of so many hours spent in disagreement, Barrett said, is learning how to strike that balance.
‘We know how to argue well,’ she said. ‘We also know how to argue without letting it consume relationships.’
This has been especially true during Trump’s second term, as the Supreme Court presided over a record blitz of emergency appeals and orders filed by the administration and other aggrieved parties in response to the hundreds of executive orders signed in his first months in office.
The high court has ruled in Trump’s favor in the majority of emergency applications, allowing the administration to proceed with its ban on transgender service members in the military, its termination of millions of dollars in Education Department grants and its firing of probationary employees across the federal government, among many other actions.
Even so, it is Barrett who has emerged as the most-talked-about justice on the high court this term, confounding and frustrating observers as they tried and failed to predict how she would vote.
She’s been hailed as the ‘most interesting justice on the bench,’ a ‘trailblazer,’ and an iconoclast, among other things.
But on Monday, she stressed that the commonalities among judges, both for the 7th Circuit and beyond, are far greater than what issues divide them.
As for her own work, Barrett offered few details — her remarks began and ended in less time than it takes to microwave a burrito.
It’s unclear if, or to what extent, Barrett’s schedule may have changed at the eleventh hour — a reflection of the many demands placed on sitting Supreme Court justices, whose schedules are often subject to change or cancellation at a moment’s notice.
The 7th Circuit did not immediately respond to Fox News’s questions as to what, if anything, had changed on Barrett’s end.
Questions swirled as she exited. Had she planned longer remarks? Was the agenda misread? Or is she saving details for her memoir and looming book tour, as one reporter suggested?
Her appearance, full of irony, left observers with more questions than answers. Whether she addresses them in the weeks ahead remains to be seen.
Sen. Adam Schiff launched a legal defense fund as the California Democrat faces a federal investigation for alleged mortgage fraud and President Donald Trump repeatedly condemns him for years of allegedly promoting the ‘Russiagate’ hoax, according to a report published Tuesday.
‘It’s clear that Donald Trump and his MAGA allies will continue weaponizing the justice process to attack Senator Schiff for holding this corrupt administration accountable,’ a spokeswoman for Schiff told the New York Times. ‘This fund will ensure he can fight back against these baseless smears while continuing to do his job.’
The legal fund, dubbed ‘Senator Schiff Legal Defense Fund,’ was filed with the Internal Revenue Service Thursday, according to the New York Times.
Trump and Schiff have long been political foes, stretching back to the president’s first administration, when Schiff — who was serving in the U.S. House at the time — oversaw the first impeachment trial against Trump in 2020 for alleged abuse of power and obstruction of Congress, and for repeatedly promoting the narrative that Trump’s 2016 campaign colluded with Russia.
‘Russia, Russia, Russia. Totally phony, created by Adam Schiff, Shifty Schiff, and Hillary Clinton and the whole group of them,’ Trump said from the Kennedy Center Wednesday.
Trump was referring to recently declassified documents alleging the Obama administration ‘manufactured and politicized intelligence’ to create the narrative that Russia was attempting to influence the 2016 presidential election, despite information from the intelligence community stating otherwise.
‘It made it very dangerous for our country because I was unable to really deal with Russia the way we should have been,’ Trump continued from the Kennedy Center, referring to Attorney General Pam Bondi. ‘And I’m looking at Pam because I hope something’s going to be done about it.’
Schiff also came under fire earlier in August when documents released to Congress by FBI Director Kash Patel reported that a Democratic whistleblower who worked for Democrats on the House Intelligence Committee for more than 10 years told the FBI in 2017 that Schiff allegedly approved leaking classified information on Trump that ‘would be used to indict President TRUMP.’
Schiff notably served on the Jan. 6 committee, which investigated the day in January 2021 when Trump supporters breached the U.S. Capitol, and was among lawmakers who were granted preemptive pardons on President Joe Biden’s final day in office in 2025.
Schiff, however, had publicly condemned the prospect of Biden doling out preemptive pardons as ‘unnecessary’ and setting a bad precedent.
‘First, those of us on the committee are very proud of the work we did. We were doing vital quintessential oversight of a violent attack on the Capitol,’ Schiff said during a media interview in December 2024. ‘So I think it’s unnecessary.’
‘But second, the precedent of giving blanket pardons, preemptive blanket pardons on the way out of an administration, I think is a precedent we don’t want to set,’ he added.
The California Democrat also is facing a federal investigation for mortgage fraud, Fox Digital previously reported. Schiff has denied any wrongdoing, claiming the matter is a ‘baseless attempt at political retribution.’
The U.S. Federal Housing Finance Agency (FHFA) sent a criminal referral to the Department of Justice in May claiming that in ‘multiple instances,’ Schiff allegedly ‘falsified bank documents and property records to acquire more favorable loan terms, impacting payments from 2003-2019 for a Potomac, Maryland-based property.’
Fox News Digital reached out to Schiff’s office and the White House for comment on the legal fund but did not immediately receive replies.
Fox News Digital’s Brooke Singman contributed to this report.
Director of National Intelligence (DNI) Tulsi Gabbard on Tuesday announced her office had stripped security clearances from 37 current and former intelligence officials, accusing them of politicizing and manipulating intelligence.
A DNI memo sent out on Monday included the names of officials who worked at the CIA, NSA, State Department and National Security Council, including former Obama DNI James Clapper, who Gabbard claimed told officials to ‘compromise’ normal procedures to rush a 2017 Intelligence Community Assessment related to Russia’s influence in the 2016 election.
‘Being entrusted with a security clearance is a privilege, not a right,’ Gabbard wrote in an X post. ‘Those in the Intelligence Community who betray their oath to the Constitution and put their own interests ahead of the interests of the American people have broken the sacred trust they promised to uphold.’
Notable officials on the list include Brett M. Holmgren, former Assistant Secretary of State for Intelligence and Research; Richard H. Ledgett, former NSA Deputy Director; Stephanie O’Sullivan, former Principal Deputy Director of National Intelligence; and Luke R. Hartig, former Senior Director for Counterterrorism at the National Security Council.
Also included was Yael Eisenstat, a former CIA officer and White House advisor known for her involvement in the Facebook election integrity operation.
Gabbard said the decision was made at President Donald Trump’s direction.
‘Our Intelligence Community must be committed to upholding the values and principles enshrined in the US Constitution and maintain a laser-like focus on our mission of ensuring the safety, security and freedom of the American people,’ Gabbard wrote on X.
The memo noted the revocation was effective immediately, and the officials’ access to classified systems, facilities, materials and information would be terminated.
The officials’ contracts or employment with the government are to be terminated and credentials surrendered to security officers, according to the memo.
Russia launched its largest attack of the month against Ukraine while Ukrainian President Volodymyr Zelenskyy met with U.S. President Donald Trump and European leaders at the White House.
The attack also comes after Russian President Vladimir Putin’s meeting with Trump in Alaska last Friday, during which Putin refused an immediate ceasefire and demanded that Ukraine give up its eastern Donetsk region in exchange for an end to the conflict that began with a February 2022 invasion by Moscow. Trump later said he had spoken on the phone with Putin about arrangements for a meeting between the Russian president and Zelenskyy.
Ukraine’s air force said Russia launched 270 drones and 10 missiles into Ukraine on Monday night and into Tuesday, but that 230 drones and six missiles were intercepted or suppressed. The air force reported that 40 drones and four missiles struck across 16 locations, and debris was said to have fallen on three sites.
‘While hard work to advance peace was underway in Washington, D.C. … Moscow continued to do the opposite of peace: more strikes and destruction,’ Ukrainian Foreign Minister Andrii Sybiha wrote on X. ‘This once again demonstrates how critical it is to end the killing, achieve a lasting peace, and ensure robust security guarantees.’
Energy infrastructure in the central Poltava region was a target of the strikes, according to Ukraine’s Energy Ministry. The casualty figures were not immediately released by officials.
‘As a result of the attack, large-scale fires broke out,’ the ministry said in a statement.
Oil refining and gas facilities were attacked, the ministry added, saying the strikes were the latest ‘systematic terrorist attacks against Ukraine’s energy infrastructure, which is a direct violation of international humanitarian law.’
The attack was the largest since Russia launched 309 drones and eight missiles into Ukraine on July 31, according to the air force.
Russia’s Defense Ministry said its forces shot down 23 Ukrainian drones on Monday night and into Tuesday morning.
Both sides have been targeting infrastructure, including oil facilities.
Zelenskyy had criticized Moscow for earlier strikes on Monday ahead of his meeting at the White House in which at least 14 people were killed and dozens more were injured.
‘The Russian war machine continues to destroy lives despite everything. Putin will commit demonstrative killings to maintain pressure on Ukraine and Europe, as well as to humiliate diplomatic efforts. That is precisely why we are seeking assistance to put an end to the killings,’ he wrote Monday morning on X.
Reuters contributed to this report.
Warren Buffett’s Berkshire Hathaway revealed a new stake in troubled insurer UnitedHealth last quarter, according to a regulatory filing, a surprising buy because of the company’s current reputation, but perhaps not considering his history of bargain investing.
The Omaha-based conglomerate bought more than 5 million shares in the health care firm for a stake worth about $1.6 billion at the end of June. The stake puts it as the 18th biggest position in the Berkshire portfolio behind Amazon and Constellation Brands, according to VerityData.
Berkshire’s equity portfolio is worth about $300 billion, so it is possible that Buffett’s two investing lieutenants Todd Combs and Ted Weschler were more responsible for this purchase rather than the “Oracle of Omaha” himself. Buffett said one of his investment managers was behind the Amazon investment in 2019.
The insurer’s stock shot up 6% in extended trading following Berkshire’s disclosure.
Shares of UnitedHealth were down nearly 50% for 2025 through Thursday’s close before Buffett’s filing. The largest private health insurer has become the face of a public blowback in this country against the rising costs of health care. UnitedHealth is currently facing a Justice Department investigation into its Medicare billing practices.
In May, the company pulled its annual earnings outlook and CEO Andrew Witty stepped down. Last month, UnitedHealth gave a new 2025 outlook that was well short of Wall Street estimates, hitting the stock further.
Buffett, who’s turning 95 this month, has been critical of the healthcare system in the U.S., calling it a “tapeworm” on the economy due to its high costs. In 2018, he, along with Jeff Bezos and Jamie Dimon, launched a joint venture to improve healthcare for their employees and potentially for all Americans, but it was eventually shut down.
UnitedHealth isn’t the only stock Berkshire picked up recently. In fact, the conglomerate also took small stakes in steel manufacturer Nucor, outdoor advertising company Lamar Advertising and security firm Allegion. Berkshire also got back into homebuilders Lennar and DR Horton.
Shares of Nucor jumped nearly 8% in afterhours trading, while Lennar and DR Horton popped about 3% each.
Buffett also pared his positions in Bank of America and Apple. The Apple stake was cut by about 7%. Berkshire’s largest positions as of the end of the second quarter were Apple, American Express, Bank of America, Coca-Cola and Chevron.
The legendary investor is stepping down as Berkshire CEO at the end of the year, handing over the reins to Greg Abel. Buffett will stay on as chairman of the board. It’s still unclear who will be in charge of Berkshire’s gigantic equity portfolio, though Buffett has alluded that Abel will be making all capital allocation decisions at the conglomerate.
UnitedHealth attracted other buyers last quarter, according to filings, including Michael Burry and Appaloosa Management’s David Tepper. Shares of the insurer are trading at a price-earnings ratio of just under 12, near its lowest in more than a decade.
There was speculation regarding a mystery stock Buffett was buying as Berkshire had asked for permission to keep certain holdings secret last quarter. It turns out the secret stock was a combination of multiple positions and likely the stakes added in DR Horton, Nucor and Lennar “A” shares.
Lyft said Thursday its co-founders, Logan Green and John Zimmer, are stepping down from the ride-hailing services provider’s board, following the completion of a two-year transition plan.
Green and Zimmer began serving as the chair and vice chair of Lyft’s board in 2023 after stepping down as CEO and president, respectively, handing the reins to David Risher, who has been a board member since 2021.
The duo founded Lyft in 2012, with the company now operating across four continents and nearly 1,000 cities.
Sean Aggarwal, who was the chair of Lyft’s board from 2019 to 2023, will reprise his role.
Zimmer is launching a new consumer-focused business venture named YES&, while Green will continue as a venture partner at Autotech Ventures, a firm investing in the mobility and transportation sector.
Lyft, which recently completed its nearly $200 million acquisition of European mobility platform FreeNow, has signed a deal with China’s Baidu 9888.HK to introduce the search-engine giant’s robotaxis in the region.
It posted revenue of $1.59 billion in the second quarter, missing estimates of $1.61 billion, according to data compiled by LSEG.
Rides on Lyft’s platform grew 14% to a record high of 234.8 million in the quarter, slightly below estimates of 235.9 million, per Visible Alpha.