I'm curious as to what materially materially changed in 6 months since Fidelity invested (at $15bn pre-money)[1], considering Snapchat it looks like they have been ramping it's revenue[2]. Maybe slowing user acquisition or lower than projected revenue growth?

1. https://www.crunchbase.com/funding-round/4a2de2da69d5ccaac85... 2. http://www.businessinsider.com/snapchat-is-on-track-to-gener...