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Bird says business is rebounding. But Fidelity marked down shares.

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As it prepares to go public, Bird says business is rebounding. But a big mutual fund marked down shares by half.

expected to close by the end of this quarter.One possibility is that Fidelity was reflecting the $2.3 billion enterprise value of the SPAC deal, which is below the $2.85 valuation it reached in January 2020, a 19% haircut

Mutual fund markdowns should always be taken with a grain of salt because it can be difficult to value illiquid assets. For instance, It's also worth noting that Fidelity has enough confidence in Bird to have recently acquired more shares.

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