Fidelity has further slashed the estimated worth of its holding in the social platform Reddit and the chat app Discord as well as SaaS startup Gupshup, giving a preview into how one of the world’s largest asset managers sees the impact of the ongoing slowdown in the public market on privately-held startups.

Fidelity Blue Chip Growth Fund valued its holdings in Reddit at $15.4 million as of May 31, according to the fund’s monthly disclosure released Friday. That’s down 7.36% from the $16.6 million mark at April’s closure and altogether a slide of 45.4% since its investment in August 2021. The updated share value suggests a $5.5 billion valuation for Reddit.

Fidelity marked down the value of its Discord’s holding to $1.7 million, down 13.4% from a month ago and 47% since the $3.3 million initial investment. (Worth noting that the vast majority of markdown in the value of Reddit and Discord holdings by Fidelity predominantly occurred last year.)

Reddit, which is currently grappling a revolt from moderators of some popular subreddits over API cost changes, was valued at $10 billion when the social media giant attracted funds in August 2021. Discord raised funding in September 2021 at a valuation of $15 billion.

The financial giant also readjusted the value of its holding in Twitter to $6.86 million, up from $6.55 million from a month prior, but still down 65% since the original investment. It slashed its holding in SaaS startup Gupshup to $10.15 million, down from $11 million at April’s closure and 38% since the original investment.