Uber shares plunged 34% last quarter. Here's how many millions some of its largest hedge-fund backers lost.
- Uber's bumpy ride in the public markets continued during the third quarter.
- Shares of the ride-hailing giant fell another 34% during the period as investors shied away from growth stocks associated with money-losing companies.
- Several of the hedge funds backing the stock held onto their shares during the quarter, absorbing millions in losses on paper.
- Here are some of the biggest funds that took heavy losses on their Uber stakes last quarter.
- Watch Uber trade live on Markets Insider.
Uber's stock struggled to pick up steam during the third quarter.Shares fell 34% during the period, dropping more than 7% in a single day, after bottom-line losses of more than $1 billion overshadowed its third-quarter revenue beat. Advertisement
The ride-hailing giant has had a difficult time finding its footing since entering the public markets in May as investors push back on money-losing business models. But that hasn't stopped hedge funds from standing pat with their positions. Some even piled more into the company's shares.
Hedge funds are required to disclose their ownership stakes in public companies on a quarterly basis through 13F filings.Most of the firms included on the list below maintained the size of their stakes in Uber throughout the quarter. One fund added shares, but the value of the stake still fell because of the decline in the company's share price.
Here are some of the largest hedge funds that got stung by their stakes in Uber during the third quarter, ordered by increasing size of losses.