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Fidelity Slashes Reddit, Stripe Valuations After Tech Rout

  • Money manager marked down Reddit shares by more than a third
  • Instacart, ByteDance are among other private firms devalued

Fidelity Investments cut valuations for several closely held technology companies, including social media platform Reddit and payment software provider Stripe. 

In April, Fidelity funds marked down stakes in Reddit by more than a third from the preceding month and Stripe by 13%, according to filings and data compiled by Bloomberg. Fidelity also cut valuations for TikTok owner ByteDance and for Instacart.