The firing of Uber CEO Travis Kalanick has not revitalized investors’ perceptions of the $70 billion company, one of those financial backers disclosed this weekend.
Fidelity’s valuation of Uber’s stock is the same without Travis Kalanick as it was with him
Even though Fidelity was one of the leading agitators calling for Kalanick’s removal.
Wang K’aichicn / VCG via Getty Images
In its first holdings report since Kalanick was removed from his job, Fidelity Investments declined to either shave or boost its valuation of Uber, suggesting the chaotic transition may not financially rock the company as some had worried.
But the static value also suggests that Fidelity is now not overly bullish on the ride-hailing giant — even though it was one of the leading agitators calling for Kalanick’s removal. At present, Fidelity’s stake in the ride-hailing startup is valued at $251 million, which has been unchanged since its most recent quarterly update in April.
Fidelity’s monthly holdings report, uploaded to its website on Sunday, is closely watched for the latest estimate of the value of the many startups in which it has made bets, including Uber. The monthly filings provide more frequent updates to startup valuations between funding rounds.
And since most mutual funds, unlike Fidelity, disclose their value quarterly, Fidelity’s report is particularly anticipated — though it represents only one player’s opinion of the stock price.
Kalanick resigned as CEO on June 20 after months of drama. The new report from Fidelity’s Blue Chip Growth Fund assesses the company as of June 30.
This article originally appeared on Recode.net.
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