Hi Todd, I think the answer would depend on the terms of the investment. Was Apple also granted a seat on Lyft’s board, giving them the ability to approve or vote down acquisition offers? Were they granted first right to buy a founder’s shares over a competitor? It’s not that uncommon for a major tech company to own a portion of a rival but not necessarily wield significant influence over them as the rival grows. Microsoft has owned a bit of both Facebook and Apple in the last two decades.
(Also, as far as I know, Apple hasn’t invested directly in Lyft, but Google has invested significantly in Uber through its venture capital arm)