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The
Financial Times on Tuesday first reported the reduced valuation
of Snapchat by Fidelity. Snapchat, which allows its more than
100 million users to send messages that disappear in seconds, is
considered one of Silicon Valley's most highly valued startups.
As of May, the messaging app company was valued at $16 billion.
The Fidelity Growth Company Fund, run by portfolio manager Steve
Wymer, reported holding $10.37 million worth of Snapchat at the
end of September. The investment, made in late March, only
accounts for 0.028 percent of the fund's assets.
That stake, however, values Snapchat at $22.91 a share, down
from $30.72 a share in previous fund disclosures.
The Fidelity Blue Chip Growth Fund owned $15.1 million worth of
Snapchat at the end of September, down from the $20.312 million
disclosed previously.
(Reporting By Tim McLaughlin)
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