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

  • Alfonso Cuaron, Yalitza Aparicio, Marina de

    Alfonso Cuaron Weighs In On Watching 'Roma' on the Big Screen Versus at Home on Netflix

    Director Alfonso Cuaron opted to work with Netflix for his latest film “Roma,” but the decorated filmmaker isn’t discounting the importance of a big-screen viewing. “The complete experience of ‘Roma’ is unquestionably in a movie theater,” Cuaron said Monday night at the Egyptian Theater in Los Angeles for the premiere of “Roma.”  The streaming giant did [...]

  • virtual reality

    How VR is Being Used to Help Children With Learning Disabilities, Autism

    The United States Department of Education is betting on virtual reality to help students with high-functioning autism and learning disabilities in schools across the country. This month the Office of Special Education and Programs announced its investment of $2.5 million toward a new program that will use VR to nurture social skills in students with [...]

  • Acorn TV

    AMC’s Best-of-British Streamer Acorn TV Launches in 30 New Territories

    Acorn TV launched in 30 new markets Tuesday, the biggest wave of international launches to date for the AMC-owned streaming service, which focuses on British and English-language drama. The platform is now live in Australia and New Zealand, India, Spain, the Nordics, the Benelux countries and South Africa. The international rollout started in June, when Acorn [...]

  • cinedigm

    Cinedigm Assembles Content Ahead of Bambu Launch

    Cinedigm, the operator of specialty OTT services in North America, has signed a deal with China’s Starrise Media to release several Starrise productions on its soon-to-launch Chinese content streaming service, Bambu. The company has also signed deals with Alibaba-owned Chinese streaming giant Youku to distribute 30 original Chinese feature films. The deal covers release on [...]

  • NBCU Reality Streaming Service Hayu Launches

    NBCU’s Reality Streaming Service Hayu Launches in Three New Territories (EXCLUSIVE)

    It’s easier to keep up with the Kardashians in the Belgium, the Netherlands, and Luxembourg after NBCUniversal launched its reality-TV streaming service, hayu, in those countries Tuesday. The service went live with about 6,000 episodes of unscripted fare from NBCUniversal’s lineup, including “Keeping Up With the Kardashians,” “Made in Chelsea” and “The Real Housewives” and [...]

  • Michael Uslan's U2K Becomes Asia-Hollywood Formats

    Michael Uslan's U2K Becomes Asia-Hollywood Formats Pipeline (EXCLUSIVE)

    Michael and David Uslan, the father and son producing team with credits that include “The Dark Knight” and “Sabrina: Secrets of a Teenage Witch” have struck a cluster of deals that makes them a two-way conduit for TV formats between Hollywood and Asia. U2K, a company that includes the Uslans and Jon Karas (“Believe in [...]

More From Our Brands

Access exclusive content