Four mutual fund companies have marked down their investments in Uber Technologies Inc by as much as 15 per cent 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. Vanguard Group, Principal Funds and Hartford Funds marked down their shares in Uber, which is not listed, by 15 per cent. T. Rowe Price Group Inc cut the estimated price of Uber shares by more than 12 per cent 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.
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