Snapchat got a 25% markdown by one of its biggest investors, mutual fund firm Fidelity, according to Morningstar.<br />Fidelity invested more than $46 million in the startup's latest financing round, which was announced in July.<br />Snapchat has raised more than $1 billion since launching in 2011 and is valued at more than $16 billion, according to CB Insights.<br />Its founders were named among the 400 richest Americans this year.<br />But Fidelity seems to believe Snapchat is overvalued.<br />Fidelity lowered the value of its more than 1.5 million privately held shares during the third quarter of this year -- from $30.72 to $22.91 per share.
