[HN Gopher] Fidelity cuts Reddit valuation by 41%
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       Fidelity cuts Reddit valuation by 41%
        
       Author : jmsflknr
       Score  : 23 points
       Date   : 2023-06-01 21:48 UTC (1 hours ago)
        
 (HTM) web link (techcrunch.com)
 (TXT) w3m dump (techcrunch.com)
        
       | paulpauper wrote:
       | _Reddit was valued at $10 billion when the social media giant
       | attracted funds in August 2021. Fidelity -- which has marked down
       | its stakes in many startups including Stripe and Reddit in recent
       | quarters -- also slashed the value of its Twitter stake, it
       | disclosed in the filing, valuing Elon Musk's firm at about $15
       | billion._
       | 
       | wow...elon down $30 billion . lol no wonder he wanted to bail on
       | the deal
        
       | solarmist wrote:
       | The timing coincides awfully well with the Apollo developer's
       | revolution about API pricing.
        
         | skeaker wrote:
         | My gut assumption just from the title was that the API changes
         | are what triggered this valuation. The change is such a clearly
         | bad move. I can only imagine the reaction will be when such a
         | large percentage of users will wake up and suddenly be totally
         | unable to access the site due to their reddit apps no longer
         | being able to connect.
        
       | nightshadetrie wrote:
       | Does that mean Reddit's valuation for Fidelity is 6B? (given they
       | evaluated it at 10b in their round).
        
       | gary_0 wrote:
       | The social media race to the bottom is in full swing, and nobody
       | is going to finish it feeling happy. In the end it's going to be
       | a sad story for users and shareholders alike. The fruit is
       | rotting on the vine.
        
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       (page generated 2023-06-01 23:01 UTC)