December 12, 2016
Mutual funds sold shares in Airbnb, DocuSign and Palantir over the past nine months, at prices below the companies’ most recent valuations, securities filings show. The sales may be a sign that the funds are cooling on some investments after rushing into the sector in previous years. Funds managed by Morgan Stanley Investment Management sold $94 million in Airbnb stock in the second quarter, at a share price valuing the company at around $22 billion. The previously unreported sale was below Airbnb’s $25.5 billion valuation at the time, and also below the $30 billion valuation at which it subsequently raised money this summer….