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Funds Give WeWork Valuations the Ax

As the privately held coworking company struggles, funds have trimmed their views of what it, Airbnb, and other "unicorns" are worth.

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What happens at a mutual fund when one of its private-investment "unicorns" comes crashing down?

The past few years have seen a boom in private-investment markets. During this period, many so-called unicorns--private companies valued at over $1 billion--have had their valuations moved, as they delayed going public longer than historically has been the case. (At that level, those still-private stocks would skip small-cap status once public and go straight into the mid-cap universe.)

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Katherine Lynch does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.