Value of Uber plummets 20%

Uber’s valuation dropped 20 percent, according to some investors

Three firms say Uber shares are worth a lot less than they were at their last valuation.
By Theodore Schleifer@teddyschleifer  Jan 11, 2018, 3:10pm EST

Several mutual funds have dropped their estimates of the value of Uber in the leadup to a secondary transaction that similarly dropped the worth of what is the world’s most valuable startup.

At least three Uber shareholders — Fidelity Investments, Principal Funds and Blackrock — in recent weeks have disclosed that they no longer feel Uber is worth as much as they once thought, new documents show. Those disclosures come after SoftBank successfully purchased hundreds of millions of shares of the company at a $48 billion valuation, a 30 percent discount from the $69 billion that private investors valued the company at in 2016.

Fidelity, a large Uber shareholder, said a month ago that its holding of Uber purchased in 2014 was worth $228 million. In its newest disclosure, as of Nov. 30, it said the same stock was worth about $180 million. That’s a 21 percent drop in share price.

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https://www.recode.net/2018/1/11/16879370/mutual-funds-uber-wall-street-fidelity-principal-blackrock-valuation?utm_campaign=11218&utm_content=11218+CID_805665cd72912b3993518fa7dba48f81&utm_medium=email&utm_source=cm_email&utm_term=Ubers%20valuation%20dropped%2020%20percent%20according%20to%20some%20investors