One of Snapchat‘s largest investors, Fidelity, has written down its stake in the start-up by 25%, a report suggests.
The document, obtained by the FT and produced by investment research firm Morningstar, claims the investor company has written down its Snapchat shares to $22.91, down from $30.72 at the end of June.
Fidelity took part in Snapchat’s funding series earlier in the year, when the company was estimated to be worth $15 billion.
The last series of funding for Snapchat took place on May 29. Since its first round on February 11, 2013 the company has raised $1.4bn in total across eight rounds from nine investors.
Snapchat is not the only company to see investor shares go down. Earlier in the year, investor Blackrock also downgraded its stake with Dropbox.
Twitter’s CEO company Square, has also downgraded its IPO valuation to $4 billion, down from an early estimate of $6 billion.
