this post was submitted on 01 Jul 2023
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Fidelity deepens valuation cut for Reddit, down from $10B in August 2021 to $5.5B in June 2023, nearly half in less than two years (techcrunch.com)
submitted 1 year ago by fieldhockey44@sh.itjust.works to c/reddit@lemmy.ml
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[–] Nugget_in_biscuit@lemmy.world 1 points 1 year ago* (last edited 1 year ago)

Let’s be real, Fidelity isn’t devaluing Reddit because of what’s happening right now. They’re devaluating them because all social media is in a valuation tail spin right now. But Reddit didn’t seem to get that memo, and is now desperate to do anything they possibly can do to boost value before spez passes the bag to another sucker