An investment firm bought shares of Reddit (and some other privately held tech companies) at a certain value. In this instance they thought Reddit was worth ~$10 billion. This was August 2021. They now think it’s only worth about half that. So they’re having to update their books to indicate that they don’t actually think they’re holding $X of Reddit, but actually only about $0.5X of Reddit.
An investment firm bought shares of Reddit (and some other privately held tech companies) at a certain value. In this instance they thought Reddit was worth ~$10 billion. This was August 2021. They now think it’s only worth about half that. So they’re having to update their books to indicate that they don’t actually think they’re holding $X of Reddit, but actually only about $0.5X of Reddit.