Fidelity wrote down a $9.5 million investment in one startup to just $12 and it slashed a lot of other valuations
Photo credit should read GLYN KIRK/AFP/Getty Images
But Snapchat is not the only highly-valued company to get cut down to size and have its value slashed by the mutual fund. Zenefits, Dataminr, and Blue Bottle Coffee Co were all marked down by Fidelity in the third quarter, according to Fortune's Dan Primack.
Perhaps the most brutal Fidelity write down: electronic cigarette maker NJoy, which saw a $9.52 million investment by Fidelity written down to just $12 - essentially the price to buy two of NJoy's own "e-cigs."
Fidelity cut the value of its shares in Zenefits, which is officially called YourPeople, by 48%. And the value of its stake in Dataminr was slashed by 35%
As for Blue Bottle, the hipster coffee chain that counts Google Ventures as a backer, Fidelity wrote down its investment by 43%.
It's important to note, as Fortune points out, that these write-downs are more art than science. And we still don't know why Fidelity decided to write down the investments.
Not every Fidelity private company investment was marked down in the third quarter however. Uber, the ride-hailing service currently valued at more than $50 billion, saw its valuation hold steady in Fidelity's eyes. And actress Jessica Alba's Honest Company also retained its value.
Fidelity also increased the estimated value of its SpaceX investment during the third quarter.
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