How many unicorns are just ponies now?

An investor in Instacart, Capital Group, has repriced its shares in the company, lowering its estimation of the value of the online grocery delivery service. The news follows other, similar repricings by companies like Fidelity, which also own a stake in the decacorn.
It’s really not surprising that one more investor agrees Instacart’s 2021 valuation was too hot. It filed to go public in May a couple months after a new 409a valuation reduced its own internal valuation.
The scale of the repricing, however, is leaving us scratching our heads. If Instacart, which was able to raise agg

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