Goldman Faces $260 Million Hit From Equity Bets as Uber Plunges
- Four stocks that boosted second-quarter results saw turnaround
- Firm’s investments can offer big gains as well as volatility
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Goldman Sachs Group Inc.’s bets on four companies delighted investors a quarter ago. This time around, they’re inflicting about $260 million of pain.
Those losses are driven by investments made for its own account in Uber Technologies Inc. and Avantor Inc., which both slumped in the third quarter. The ride-hailing company has seen a third of its market value erased after a woeful public-market debut, while Avantor lost 23% in the same period. That led to hits of more than $100 million each for Goldman.