Mutual funds cut valuations on Airbnb, Palantir, WeWork, Sweetgreen - Business Insider

SAUL LOEB/AFP/Getty ImagesSome of the world's most well-known private companies have lost value since the pandemic's start, according to their mutual-fund backers, securities filings show.

While some of the cuts may have been tied to pandemic-specific developments like a plunge in global travel, some market-watchers say it was time for private valuations to come back down to earth anyway. WeWork, Palantir, Airbnb, and the asset managers declined to comment. Sweetgreen did not respond to a request for comment. Investors' usual way of valuing companies is under scrutiny— and it could mean the end of the unprofitable unicorns that dominated in the last decade

Despite the pandemic, broadly speaking, valuations, particularly for companies going public, "haven't fallen off a cliff," said Wayne Kawarabayashi, the head of M&A at tech-focused investment bank Union Square Advisors. "The private market due to COVID and WeWork dislocations has been forced to mature," said Omeed Malik, founder and CEO of Farvahar Partners, which advises several unicorns on what to do next.Malik was previously an executive at Bank of America before being fired for what was characterized by the bank as harassment; Malik sued over defamation and discrimination, and received an undisclosed, multi-million-dollar settlement from the bank.

SPACs, which stands for special purpose acquisition company, have exploded in popularity this year, with names like hedge-fund billionaire Bill Ackman and baseball executive Billy Beane headlining some new offerings. With billions ready to be deployed in a set period of time, SPACs may target unicorns — and potentially start a bidding war amongst themselves.

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