BlackRock has cut the worth of its stake in web hosting provider Automattic by 10%, the asset manager said in its latest quarterly disclosure report.
BlackRock, which invested in Automattic during its Series E round in 2021, valued its investment in the WordPress hosting company at $37.5 per share, down from $41.7 per share earlier this year.
The valuation reduction comes in the wake of Automattic launching a much-publicized fight with rival WordPress hosting provider WP Engine.
The two companies have been locked in a legal battle ever since Automattic’s CEO, Matt Mullenweg, blocked WP Engine from accessing WordPress.org, which hosts WordPress themes and plugins. WP Engine is currently trying to win a preliminary injunction in its favor and regain access to WordPress.org.
In September, Mullenweg wrote in a post on X that BlackRock owns only 0.6% of Automattic and has no voting rights in the company.