Fidelity Writes Down Snapchat Investment

snapchat ios icon In the latest sign that some tech startups are overvalued, Fidelity has written down the value of its stake in Snapchat by 25 percent, according to a report by Morningstar. Fidelity participated in Snapchat’s Series F round earlier this year, at an estimated $15 billion valuation. The report, first identified by the Financial Times, showed that Fidelity valued its Snapchat shares at… Read More