T. Rowe Cuts Stripe, Instacart Valuations After Tech Selloff

T. Rowe Price Group Inc. slashed its valuations for payments firm Stripeand other closely held companies as a recent swoon in tech stocks continues to ripple through private markets.

The T. Rowe Price Global Technology Fund cut Stripe to $23.04 a share as of June 30, a 64% reduction from the end of last year, according to a regulatory filing Monday and data compiled by Bloomberg. The $4 billion fund also cut its valuation for grocery delivery service Instacart. A representative for T. Rowe Price couldn’t immediately be reached to comment

Large money managers are writing down stakes ...