T. Rowe cuts Stripe, Instacart valuations after tech selloff
T. Rowe Price Group Inc. slashed its valuations for payments firm Stripe and other closely held companies as a recent swoon in tech stocks continues to ripple through private markets.
The T. Rowe Price Global Technology Fund cut Stripe to $23.04 a share as of June 30, a 64% reduction from the end of last year, according to a regulatory filing Monday and data compiled by Bloomberg. The $4 billion fund also cut its valuation for grocery delivery service Instacart.
Large money managers are writing down stakes in tech firms in the mutual funds they oversee. Fidelity Investments, for example, had cut Stripe’s valuation to $32.05 a share earlier this year.
The T. Rowe tech fund marked down Instacart by 40% to less than $72 as of mid-year, the filing and data compiled by Bloomberg show.
The reductions followed a sharp decline in the tech-heavy Nasdaq 100 Index, which tumbled 30% in the first half of the year, Bloomberg.
via.TITVN
