Mutual funds mark down investments in Uber by up to 15 percent: WSJ

Uber logo is seen on a screen in Singapore

Thomson Reuters

(Reuters) – Four mutual fund companies have marked down their
investments in Uber Technologies Inc [UBER.UL] 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

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, The Wall Street Journal reported.

Representatives of Uber and the five fund companies could not be
reached immediately for comment.

Uber has suffered a series of setbacks in recent months,
including a federal probe into the company’s 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,
its chief executive Travis Kalanick resigned, also 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. [nL1N1JA1AX]

(Reporting by Laharee Chatterjee; Editing by Leslie Adler)

Read the original article on Reuters. Copyright 2017. Follow Reuters on Twitter.

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