They did this May 31st. I know the API was announced in April but the main details were early June, and the real shit show began around June 8th I think. And this is definitely before advertisers started reconsidering where they spend their money. So we haven't even seen the effects of the dumpster fire yet. There's probably more devaluation yet to come.
this post was submitted on 30 Jun 2023
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These financial institutions and the valuations are complete nonsense.
"I am going to give you $1 million dollars in exchange for 20% of your company, that means your company is worth $5 million dollars"
Then they go to IPO and its a massive pump and dump where I am sure they just harvest money from investors.
They devalued discord similarly as well, though..
And considering how many subreddits announced they were moving to discord, that doesn't entirely fit.
In a lot of ways this probably means nothing. The Fidelity valuation was at best an informed guess and it's now an informed guess. Though it matters a lot if you are considering taking Reddit public, since many other players will look at what they did and try to do something similar because they don't want to look like they aren't paying attention.