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Mutual funds mark down investments in Uber by up to 15%: report

LiveMint logoLiveMint 23-08-2017 Laharee Chatterjee

Four mutual fund companies have marked down their investments in Uber Technologies Inc by as much as 15% 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% to $41.46 a share for the quarter ended 30 June, 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% to $42.70. Another investor, Fidelity Investments, maintained its estimate of $48.77 as of 30 June, 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. Reuters

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