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action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/scienrds/scienceandnerds/wp-includes/functions.php on line 6114Source:https:\/\/techcrunch.com\/2023\/06\/30\/fidelity-deepens-valuation-cut-for-reddit-and-discord\/<\/a><\/br> 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\u2019s largest asset managers sees the impact of the ongoing slowdown in the public market on privately-held startups.<\/p>\n Fidelity Blue Chip Growth Fund valued its holdings in Reddit at $15.4 million as of May 31, according to the fund\u2019s monthly disclosure released Friday. That\u2019s down 7.36% from the $16.6 million mark at April\u2019s closure<\/a> and altogether a slide of 45.4% since its investment in August 2021<\/a>. The updated share value suggests a $5.5 billion valuation for Reddit.<\/p>\n Fidelity marked down the value of its Discord\u2019s 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.)<\/p>\n Reddit, which is currently grappling a revolt from moderators<\/a> of some popular subreddits over API cost changes<\/a>, 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.<\/p>\n 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\u2019s closure and 38% since the original investment.<\/p>\n<\/p><\/div>\n <\/br><\/br><\/br><\/p>\n
\nFidelity deepens valuation cut for Reddit and Discord<\/br>
\n2023-06-30 21:58:57<\/br><\/p>\n