Fidelity Writes Down Snapchat Holding by 63 Percent

Hmm...this is odd:<p>Bloomberg says, &quot;Fidelity bought convertible preferred stock in March&quot;<p>However, NYPost [1] says, &quot;investors were forced to take common stock, rather than preferred shares or other instruments&quot;<p>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.<p>[1]: <a href="http:&#x2F;&#x2F;nypost.com&#x2F;2015&#x2F;05&#x2F;29&#x2F;snapchat-has-sold-537m-in-common-stock-to-investors&#x2F;" rel="nofollow">http:&#x2F;&#x2F;nypost.com&#x2F;2015&#x2F;05&#x2F;29&#x2F;snapchat-has-sold-537m-in-commo...</a>

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

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

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

Snapchat is Blue Chip Growth?<p>Fidelity managers can&#x27;t see the wipeout of $10Billion not many months after they invest?

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

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