[rdlecler1]

If Fidelity just did a 25% write down on SnapChat on the most senior portion of a $600m investment round, and assuming that Fidelity has at least a 1x liquidity pref/ratchet, then SnapChat is now valued at $462M floor, not $15 billion.

[mring33621]

Peter Gregory is definitely, posthumously, very disappointed in SnapChat.

[vincent_s]

What about other investors who also have liquidity preferences?

[ericd]

The latest investment/liquidity pref is usually satisfied first.

[econner]

I don't follow. Can you explain in more detail?

[rdlecler1]

If they are guaranteed to at least get their money back AND they did a 25% write down, then they are assuming that if there was a liquidity event tomorrow, that that would only get back $0.75 on the dollar, and others less senior get $0. This means that SnapChats valuation mark-to-market price is only $462M because that is all they feel that could be recouped.