Fidelity Writes Down Snapchat Investment

 In the latest sign that some tech startups are overvalued, Fidelity has written down the value of its stake in Snapchat by 25%, 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 $30.72 at… Read More