Fidelity makes more bearish bets on Reddit and Discord

Fidelity has deepened its cut on its holding in social platform Reddit and chat app Discord as well as SaaS startup Gupshup.

As of May 31, 2023, Fidelity Blue Chip Growth Fund valued its holdings in Reddit at $15.4 million. The fund had a $16.6 million mark at April’s closure.

Fidelity also cut the value of its Discord’s holding to $1.7 million, down 13.4% from a month ago and 47% since the $3.3 million initial investment.

Reddit is currently battling a revolt from moderators of some popular subreddits over API cost changes.

Fidelity also readjusted the value of its holding in Twitter to $6.86 million, up from $6.55 million from a month before.

The asset manager also slashed its holding in SaaS startup Gupshup to $10.15 million, down from $11 million at April’s closure.

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