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Uber’s Valuation Marked Down By 15% By A Group Of Investors

Uber’s Valuation Marked Down By 15% By A Group Of Investors

Four mutual fund companies have marked down their investments in Uber Technologies Inc by as much as 15 percent following the ride-hailing company’s scandal-ridden year, the Wall Street Journal reported on Tuesday.

Three of the investors, Vanguard Group, Principal Funds and Hartford Funds, all marked down their shares by 15 percent to $41.46 a share for the quarter ended June 30, according to the fund companies’ latest disclosure documents, the Journal reported.

A fourth investor, T. Rowe Price Group Inc, cut the estimated price of its Uber shares by about 12 percent to $42.70. Another investor, Fidelity Investments, maintained its estimate of $48.77 as of June 30, WSJ said.

Vanguard spokeswoman Arianna Stefanoni Sherlock confirmed in an email to Reuters that the fund had reduced its valuation for Uber, without giving more details.


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Representatives of the other four funds and Uber could not be reached immediately for comment.

Uber has suffered a series of setbacks in recent months, including a federal probe into its use of technology to evade regulators in certain cities and a trade secrets lawsuit filed by Alphabet Inc’s self-driving unit, Waymo.

In addition, chief executive Travis Kalanick resigned, pressured by accounts of a culture of sexism and bullying at Uber.

The ride-hailing company grew to a valuation of $68 billion in seven years amid non-stop controversy. It has upended the tightly regulated taxi industry in many countries and changed the transportation landscape.

 

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