“Snapchat and Dropbox aren’t the only venture-backed private companies that Fidelity thinks were worth a lot less in September than they were in July.  The Boston mutual fund giant slashed its valuation estimates on Zenefits, Blue Bottle Coffee and others, too.  Fidelity has been one of the most active players in the surge of big late-stage fundings that have helped venture-backed companies build $1 billion-plus valuations without going public or being acquired. But there is growing concern that some of those valuations have gotten ahead of themselves.  A report by Morningstar said Fidelity cut the value of its investment in Snapchat by 25 percent and in Dropbox by 31 percent in the third quarter.”

http://www.bizjournals.com/sanjose/blog/techflash/2015/11/more-fidelity-markdowns-valuations-slashed-on.html

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