Snapchat Is Worth $4 Billion Less Than It Was Yesterday

Turns out money is more fleeting than Snapchat's photos.

The mutual fund that invested in Snapchat has suddenly and almost inexplicably changed the company’s valuation from $US16 billion to $US12 billion, Mashable reports.

Fidelity, the fund in question, valuated Snapchat at $US16 billion when it made its initial investment back in May.

It’s unknown what has caused Fidelity to say Snapchat is suddenly $US4 billion less valuable, though a recent change to Snapchat’s terms and conditions was met with widespread derision.

It’s unlikely Fidelity had a crisis of conscience over Snapchat suddenly telling its 100 million daily users that it was holding onto their photographs and might one day sell them forward. Instead, perhaps Fidelity saw Snapchat’s ability to generate revenue through these means as unlikely.

Snapchat’s not alone. This year, a number of tech companies have had their valuations slashed.

Though the company hasn’t actually lost any money (this is just a valuation, after all), it does point towards a potential “jumping the shark” moment for the ephemeral social media platform.

Maybe having a ghost as its logo was prescient.