from Hacker News

Fidelity Writes Down Snapchat Holding by 63 Percent

by ntkachov on 2/1/16, 11:27 PM with 11 comments

• by lquist on 2/2/16, 12:19 AM

  Hmm...this is odd:

  Bloomberg says, "Fidelity bought convertible preferred stock in March"

  However, NYPost [1] says, "investors were forced to take common stock, rather than preferred shares or other instruments"

  So which is it? Because marking down the value of preferred is very different (and means much more) than marking down the value of common.

  [1]: http://nypost.com/2015/05/29/snapchat-has-sold-537m-in-commo...

• by jlebar on 2/2/16, 12:20 AM

  Bloomberg has correct the headline to read 2% instead of 63%.

• by personjerry on 2/2/16, 12:22 AM

  The article now indicates 2% rather than 63%. This should probably be updated in the link.

• by mehwoot on 2/2/16, 12:40 AM

  Breaking: Bloomberg writes down write down of snapchat from 63 percent to 2 percent

• by jsprogrammer on 2/2/16, 12:19 AM

  Snapchat is Blue Chip Growth?

  Fidelity managers can't see the wipeout of $10Billion not many months after they invest?

• by yggydrasily on 2/2/16, 12:10 AM

  The cracks in the facade of phony, good-for-bragging-rights-only "valuations" are really starting to show now. Hold on, this is going to be quite a ride!

• by eva1984 on 2/2/16, 12:15 AM

  Wooow, so it valued at around 6B right now?