Fidelity Lowers Value Of Stake In Snapchat

Fidelity lowered the value of its stake in photo-sharing app Snapchat by 25% in the third quarter, according to research firm Morningstar. The fund lowered the value to $22.91 per share as of Sept. 30 from $30.72 per share as of in June and March of 2015. Snapchat was valued at $16 billion in May, according to The Wall Street Journal, but has only recently started efforts to monetize the platform. Fidelity said it does not comment on individual companies.