{"id":109,"slug":"automattic-blackrock-markdown-67pct-2025","title":"BlackRock marks down Automattic shares 67.4% to $27.74 (June 30, 2025) — financial signal of dispute cost","kind":"reference","scope":"business","status":"current","audiences":["kevin","claude-code","candid-team"],"topics":["wordpress","measurement","platform-lock-in"],"reference_body":"**Claim:** **BlackRock** marked down Automattic shares from $85 (2021 Series E) to **$27.74 as of June 30, 2025** — a **67.4% devaluation** that leaves the shares worth only **32.6%** of their 2021 Series E valuation.\n\n**Source:** The Delta blog by Sam Sidler, August 27, 2025, citing BlackRock SEC filings.\n\n**Confidence:** Verified (BlackRock filings are public).\n\n**Implication:** The institutional investor signal that the dispute has materially damaged Automattic's valuation. Use carefully — share markdowns happen for many reasons (broader tech multiples, growth assumptions, etc.) and a one-quarter snapshot is not a full thesis. But: the timing aligns with the WP Engine litigation, and the magnitude is meaningful. See [[wp-engine-automattic-dispute-timeline-2024-2026]].","rationale_body":null,"metadata":null,"links":{"outgoing":[{"slug":"wp-engine-automattic-dispute-timeline-2024-2026","title":"WP Engine vs Automattic timeline (Sept 2024 → ongoing) — open-source has centralized choke points","kind":"reference","scope":"business","link_type":"relates-to"}],"incoming":[{"slug":"research-brief-owning-your-stack","title":"Research brief: Owning your stack — why agency-managed platforms cost more than they save (piece 4 of 15)","kind":"reference","scope":"business","link_type":"relates-to"}]},"created_at":"2026-05-22T19:17:26.772Z","updated_at":"2026-05-22T19:17:26.772Z"}