People are going into a lot of detail about Reddit here, but I'm not even certain this has anything to do with reddit at all. When you have a holding in a priva

People are going into a lot of detail about Reddit here, but I'm not even certain this has anything to do with reddit at all. When you have a holding in a private company you obviously can't just mark to market, so you need a different valuation method. My guess would be that the method in this case is that they take a look at Reddit, find some public comparables (Facebook, Snapchat etc.) apply a fudge factor using the comparable metrics they have, and that's how they do the valuation. I highly doubt they're looking at Reddit each month and making value judgements on the strategy of the CEO. Most likely this valuation move (which isn't huge) is just them reflecting the move in comparables over time rather than re-thinking the valuation of Reddit. The original article writes: > giving a preview into how one of the world’s largest asset manager sees the impact of the ongoing slowdown in the public market on privately-held startups This is correct, this news is showing us what's happening in the market in general, not specific changes in reddit.