Correction: Snapchat Valuation Downgraded Slightly by Fidelity

snapchat logo
Courtesy of snapchat

Fidelity Investments downgraded its valuation of Snapchat, which counts the mutual funds giant as one of its largest investors, dropping a month-over-month assessment of the value of its investment by just 2%.

The Dec. 31 valuation the shares in Snapchat inside the Fidelity Blue Chip Growth Fund, one of the funds that invested in Snapchat, inched down to $17 million, according to a Bloomberg report, down from $17.4 million at the end of November. In addition, it was the second such downgrade Snapchat shares had gotten from Fidelity in the past three months.

Snapchat has received a valuation of $16 billion. The company is also facing a more challenged atmosphere for its tech sector, whether in the private sector or on Wall Street. Rivals like Twitter and Yahoo have also been hurting as of late amid a larger fight for ad dollars and eyeballs with bigger giants like Facebook and Google.

Correction: The original version of this story contained a significant data error that was originally reported by Bloomberg and repeated, with attribution, here but quickly amended: Fidelity’s valuation of Snapchat dropped just 2%, not 63%, thus not constituting the “big hit” first mentioned in the original headline of this story.

Filed Under:

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Digital News from Variety