Fidelity Cuts Reddit Valuation By 41%

Fidelity, the lead investor in Reddit's most recent funding round in 2021, has slashed the estimated worth of its equity stake in the popular social media platform by 41% since the investment. From a report: Fidelity Blue Chip Growth Fund's stake in Reddit was valued at $16.6 million as of April 28, according to the fund's monthly disclosure released over the weekend. That's down 41.1% cumulatively since August 2021 when the asset manager spent $28.2 million to acquire the Reddit shares, accordi