T. Rowe Cuts Stripe, Instacart Valuations After Tech Selloff
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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. A representative for T. Rowe Price couldn’t immediately be reached to comment