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Fidelity Writes Down Value of Corporate Software Startups

The fund manager marked down Dropbox and CloudFlare while keeping expectations high for Airbnb, Pinterest and other consumer-tech startups.

Fidelity Investments slashed the value of its holdings in several corporate software startups in January, while taking a more optimistic view of private consumer-technology companies such as Snapchat Inc. and Uber Technologies Inc.

The value of Dropbox Inc. shares were marked down 10 percent in January from the price in December, according to data compiled by Bloomberg from public filings. Fidelity also wrote down its stake in the cloud storage company last year. The fund manager periodically readjusts the value of its private stock holdings, based on a variety of factors, and is required to disclose the new values publicly.