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.