Investors in Magic Leap have marked down their stakes in the troubled augmented reality startup by 93%, on average, between the start of the year and the end of June, previously unreported figures show. The dizzying drop makes Magic Leap the private tech firm in which investor sentiment has soured the most in 2020, surpassing hard-hit firms including WeWork, Airbnb and Juul.
Investors also think some highly valued private tech firms are worth significantly more now than they were at the start of the year, as our above chart shows. Delivery firm DoorDash, which intends to go public this fall, Korean e-commerce startup Coupang and software maker Databricks were each marked up more than 30%. Their outlooks likely have benefited from the growing use of delivery and cloud computing during the Covid-19 pandemic.