this post was submitted on 30 Jun 2023
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[HN] Fidelity has cut Reddit valuation to $4.5B from $10B (techcrunch.com)
submitted 1 year ago by [email protected] to c/[email protected]
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[–] yads 26 points 1 year ago

An investment firm bought shares of Reddit (and some other privately held tech companies) at a certain value. In this instance they thought Reddit was worth ~$10 billion. This was August 2021. They now think it's only worth about half that. So they're having to update their books to indicate that they don't actually think they're holding $X of Reddit, but actually only about $0.5X of Reddit.