Is there any evidence this valuation cut has anything to do with the API debacle? Discord slid by about twice as much percentage-wise in the same time, so it seems like Fidelity is seeing this as a market-wide change rather than factoring in anything to do with the reddit revolt.

There's also this, from the article:

> Worth noting that the vast majority of markdown in the value of Reddit and Discord holdings by Fidelity predominantly occurred last year.