Mutual Funds Mark Down Investments in Uber 15 percent Lower


Mutual funds mark down investments in Uber by as much as 15 percent

Reporting by Trevor Hunnicutt and Laharee Chatterjee; Editing by Sunil Nair and Edwina Gibbs

Released at Wed, 23 Aug 2017 06:23:08 +0000

Chief Executive Travis Kalanick resigned in June, driven by accounts of a culture of sexism and bullying.

T. Rowe Price Group Inc (TROW.O) reduce the estimated cost of Uber shares by over 12 per cent to $42.73 throughout the second quarter ended June 30.

NEW YORK (Reuters) – Four mutual fund companies have discounted their investments in Uber Technologies Inc [UBER.UL] by as much as 15 percent after a scandal-ridden year for the ride-hailing firm.
Another investor, Fidelity Investments, appeared to have maintained its estimate of $48.77 as of June 30.

The Wall Street Journal first reported the new estimates for Uber shares.
Vanguard Group, Principal Funding and Hartford Funds marked down their shares in Uber, which is not listed, by 15 percent to $41.46 a share in June, filings from the companies showed.

Representatives for the mutual fund companies and Uber could not be reached immediately for comment.
Uber was recently valued last year at $68 billion. It has upended the taxi industry that was closely regulated in many countries and changed the transportation landscape.