T. Rowe Marks Down Dropbox Stake 51%
By Alfred Lee
Mutual fund manager T. Rowe Price marked down its investments in several private tech companies in the fourth quarter of 2015, including cutting the carrying value of its stake in Dropbox by 51%.
T. Rowe valued its Dropbox investments at $9.40 a share as of Dec. 31, according to portfolio holdings reports it released last week, down from the $19.10 paid by investors in Dropbox’s last fundraising in 2014. That round valued the company at $10 billion.