In June, Fidelity also cut the estimated worth of their holding in Reddit (~46% since initial investment) and Discord (~47% since initial investment) as well as Gupshup (~38% since initial investment). It was viewed as their assessment of the impact of the ongoing slowdown in the public market on privately-held startups.

Source: https://techcrunch.com/2023/06/30/fidelity-deepens-valuation...

Elon Musk has also stated that he overpaid for acquiring Twitter. Prior shareholders should be pleased they were able to realize an unexpected gain.