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Fidelity has cut Reddit valuation to $5.5B from $10B
(techcrunch.com)
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this post was submitted on 30 Jun 2023
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It's not related to the migration. The article said the lower valuation is as of May 31, before all the backlash on reddit began.
Seems more like the June moves by Reddit may have been in response to the valuation plummeting and not the other way around