The valuation for payments company Stripe and other tech firms was cut by T. Rowe Price Group as investors’ romance with technology stocks continues to cool.
According to regulatory filings, Stripe’s valuation was marked down 64% to $23.04 per share as of June 30 by the $4 billion T. Rowe Price Global Technology Fund, following the prior price recorded at the end of 2021.
At the same time, the valuation for grocery delivery platform Instacart was also slashed, Bloomberg reported with the fund cutting the value of its stake in the grocery delivery service company by 40% to below $72.
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