Principal's Large Cap Growth Fund slashed its valuation of Stripe by 20% in December.
Principal's large-cap growth fund, which is sub-advised by T. Rowe Price and Brown Advisory, just slashed the valuation of the fintech startup by nearly 20% at the end of 2020. It marked down the value of its shares of Stripe from $2,629,463 at the end of November to $2,112,472 at the end of December.
The move is a sign that startup valuations are continuing to take a beating after a brutal 2022 that featured a VC-funding drought, an essentially nonexistent IPO market, and a spate of tech layoffs affecting more than 150,000 workers.
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