Fidelity Writes Down High Flying Tech Start-Ups

Mutual-fund group Fidelity Investments, one of the most high-profile early-stage tech investors (and asset managers), has written down the value of its holding in Snapchat by 25%, raising questions about the valuations of privately-held tech companies. According to data from Morningstar, Fidelity, which had valued each Snapchat share it owned at $30.72 back in June, believed that the value of each share had dropped to $22.91 by the end of September. Fidelity’s stake in Snapchat was acquired by the group back in May, giving the app a valuation of $16 billion. It’s not entirely clear why Fidelity decided to write-down the…