(Bloomberg) -- Snapchat’s valuation was cut by 2% in December by one of its largest investors. This was Fidelity Investments’ second writedown of the photo-sharing app maker in three months.

Mutual funds have recently marked down the values of their stakes in several private technology companies, including Dropbox and Zenefits. The moves are another jolt of sobriety for Silicon Valley startups as they face a tighter fundraising environment.

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