×
You will be redirected back to your article in seconds

Correction: Snapchat Valuation Downgraded Slightly by Fidelity

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.

More Digital

  • Amazon

    Amazon Music’s Free Tier Is More Advertising Play Than Spotify Killer, Analysts Say

    When news began to spread last week that Amazon Music’s long-anticipated free streaming tier was imminent, headlines emerged about its threat to Spotify and Apple Music, with some stories saying that Spotify’s stock price dropped in response to the news. But not only was today’s launch of the free tier basically a soft one — [...]

  • Gay Chorus Deep South

    Why Airbnb Produced Documentary 'Gay Chorus Deep South,' Its First-Ever Film (EXCLUSIVE)

    The latest player to hit the film-festival circuit may be a bit unexpected: Airbnb, the travel-accommodations booking marketplace, developed, financed and produced documentary film “Gay Chorus Deep South,” set to premiere at the 2019 Tribeca Film Festival on April 29. It’s the company’s very first feature film. Directed by David Charles Rodrigues, “Gay Chorus Deep [...]

  • Amazon

    Amazon Music Launches Free Streaming Tier, Through Alexa Only (for Now)

    Amazon Music today basically soft-launched its free streaming tier, in which U.S. customers of its Alexa voice assistant will have access to top Amazon Music playlists and thousands of stations, at no cost. The limited access that the new free service provides — it’s only available through Alexa, and when the listener requests a song, [...]

  • Ben Silbermann, Evan Sharp. Pinterest co-founder

    Pinterest Shares Up Close to 29% on IPO Day

    Shares of the social pinning service Pinterest closed at $24.45 — 28.6% above their IPO price — on the company’s first day at the New York Stock Exchange Thursday as investors were looking to get in on the latest tech listing. Pinterest’s shares opened at $23.75, 25% above the IPO pricing of $19 per share, [...]

  • Netflix Logo

    Netflix to Open Production Hub, Expand Offices in New York City

    Netflix plans to move into a bigger new office in Manhattan and open a Brooklyn production hub — all told, bringing up to $100 million in investments to New York City and resulting in hundreds of new jobs, according to New York State Gov. Andrew M. Cuomo. Netflix’s new corporate offices in the Big Apple [...]

  • MoviePass card

    MoviePass Has Lost Over 90% of Its Subscribers in Less Than a Year (Report)

    MoviePass users apparently hit the exits en masse after it scaled back the number of movies users could see each month: The flailing cinema-subscription provider has seen its subscriber rolls plunge from a peak of more than 3 million to just 225,000 in under a year, according to a new report. The numbers were reported [...]

  • The Nashville, Tenn. downtown area and

    Nashville City Council Sides With Songwriters Against Streamers’ CRB Appeal

    Nashville city leaders have sided against the streaming services Amazon, Spotify, Google and SiriusXM/Pandora in the appeal of the Copyright Royalty Board’s decision that would give songwriters a pay raise. The Nashville Metro Council adopted the resolution as part of its consent agenda earlier this week, although the move is “purely symbolic” and the streamers [...]

More From Our Brands

Access exclusive content