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

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

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(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 reported. A fourth investor, T. Rowe Price Group Inc <TROW.O>, 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. Graph ( 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 <GOOGL.O> 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.

(Reporting by Laharee Chatterjee; Editing by Leslie Adler)
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