There is absolutely no bubble in technology
October 31, 2007From the Financial Times Nov. 10:
Snapchat has been marked down by one of its most high-profile investors, raising further questions about the soaring valuations of private technology companies.
Fidelity, the only fund manager to have invested in the four-year-old company best known for disappearing photos, wrote down the value of its stake by 25 per cent in the third quarter, according to data from investment research firm Morningstar. It had valued each share at $30.72 at the end of June but dropped the valuation to $22.91 by the end of September.
Other Snapchat investors include Benchmark and Kleiner Perkins, the Silicon Valley venture capital firms, as well as tech companies Alibaba, Tencent and Yahoo.
Snapchat was valued at $15bn at its last fundraising in May, according to people familiar with the matter....MORE