this post was submitted on 30 Jun 2023
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Reddit's Valuation Has Fallen Even Further, Fidelity Says (gizmodo.com)
submitted 2 years ago by L4s to c/technology
55 comments fedilink hide all child comments
 

Fidelity estimates Reddit's holdings are at $15.4 million, which is down over 7% from the fund’s estimates of $16.6 million from this past April.

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[–] Korkki 5 points 2 years ago

I remember reading that reddit went on a hiring spree and they like multiplied their workforce during the pandemic. I heard some speculation that this API change was about that, because they now have to make ends meet somehow or at least convince the investors that they are doing something. They invested and expected further growth and the pandemic tech boom didn't last forever. One miscalculation leads to another.