Mutual Funds Mark Down Investments in Uber By as Much as 15 Percent

NEW YORK — Four mutual fund companies have marked down their investments in Uber Technologies Inc [UBER.UL] by as much as 15 percent following a scandal-ridden year for the ride-hailing company.

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.

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

Vanguard Group, Principal Funds 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.

T. Rowe Price Group Inc cut the estimated price of Uber shares by more than 12 percent to $42.73 during the second quarter ended June 30.

Another investor, Fidelity Investments, appeared to have maintained its estimate of $48.77 as of June 30.

Continue reading the main story

Leave a Reply

Your email address will not be published. Required fields are marked *


2 × three =