Uber is less valuable without Travis Kalanick as CEO than it was with him at the helm, according to some of the ride-hailing company’s biggest investors. After T. Rowe Price wrote down the value of its Uber stock by 5% in May, other mutual funds slashed the valuation of their own stakes following Kalanick’s resignation in June, new disclosures show.
Vanguard, whose $7.5 billion U.S. Growth Fund owns shares in Uber, cut the value of its position by 15% in June, the first time the fund giant has marked down the taxi startup’s valuation in the three years it has owned it. The Hartford also lowered the value of its Uber stock by 15% in the three funds that hold it, as did the $2.8 billion Principal Global Multi-Strategy fund, which is overseen in part by Wellington Management. [ Fortune ]