The latest sign that some of the technical startups overvalued, Fidelity recorded value of its stake in Snapchat 25 percent, according to a report by Morningstar. Loyalty to participate in the F-Series in Snapchat round earlier this year, was approximately $ 15 billion valuation.

report first identified in the Financial Times showed that the faithful appreciate their Snapchat shares at $ 30.72 in late June. Just three months later, the shares have been recorded only $ 22.91.

It is not clear what caused the Fidelity Snapchat reconsider their investment, but Black similarly recorded his Dropbox shares this year . Dropbox and Snapchat not the only ones facing problems when it comes to their assessment: The area itself is valued around $ 4.16 billion in pricing an IPO, once again below $ 6 billion valuation of its previous funding rounds

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As startups stay private longer, Fidelity and other fund managers to invest in pre-IPO companies. Other investments include Fidelity Airbnb, and Dropbox. Los Angeles Snapchat counts Kleiner Perkins, Benchmark and Alibaba among its other investors. The service, which popularized the pictures disappear, has been around for about four years.

Regardless of the progress Snapchat does, it faces increasing competition not only video, but on all fronts. For example, recently surpassed Snapchat 6 billion video daily, compared to 2 billion in the beginning of the year. But while it looks like a focal point for the company after its acquisition Looksery, it is becoming more and more competitive space. Facebook, too, said it was more than 8 billion video views per day.

Fidelity declined to comment. Snapchat not respond to the comment.

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