Report: Fidelity Writes Down Investment in Snapchat

A report Tuesday in the Financial Times said that investment giant Fidelity has written its investment in Los Angeles-based Snapchat by 25 percent, citing data from a Morningstar report. Snapchat--arguably, the most visible "unicorn" startup in Southern California--had been valued at $15 billion in its last fundraising round. It's unclear why Fidelity wrote down the value of its investment in the disappearing messaging service. Snapchat, along with other technology unicorns, have been seeing increased scrutiny over their valuations in the last few months, as investors have been nervous about the lack of exits from the highly valued private companies.