Tech Giants' Valuations Plummet: Fidelity and Elon Musk Take a Hit on Reddit and Twitter Investments.
TL;DR Summary
Fidelity has reduced the estimated value of its equity stake in Reddit by 41.1% since August 2021, when it spent $28.2m to acquire the shares. The stake is now valued at $16.6m. Fidelity has also marked down its stakes in Stripe and Twitter. The devaluation raises questions about whether Reddit will maintain its intent to go public at a $15bn valuation. The trend of valuation cutbacks highlights the impact of deteriorating economic conditions on startups.
- Fidelity has cut Reddit valuation by 41% since 2021 investment TechCrunch
- Twitter's worth takes a tumble: Elon Musk's $44 billion investment deflates | World DNA WION
- Fidelity writes down Twitter stake CNBC Television
- Twitter’s value is reportedly way down Poynter
- Is Elon Musk Losing His Twitter Magic? Most Followed User's Engagement Nosedives Benzinga
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