Another quarter brings another BlackRock devaluation of Automattic

It’s a busy week in the WordPress world—WordCamp US kicked off yesterday, and WP Engine and Automattic are due in court tomorrow, for a hearing on Automattic’s motion to dismiss many of WP Engine’s claims. But, today, I wanted to provide another update on Automattic’s valuation.

Three months ago, I exclusively reported on BlackRock’s devaluation of its shares in Automattic, noting that BlackRock had devalued its Series E shares in Automattic by a cumulative 63.5% since acquiring them in 2021.

Following up that reporting, today I can reveal that, as of June 30, 2025, BlackRock has continued its devaluation of its shares in Automattic, now valuing them at just $27.74 per share, a drop of over $3 per share in just a three month period. This represents a 67.4% devaluation of Automattic, since BlackRock acquired its shares.

As I noted in May, the rationale for this devaluation is unknown, but BlackRock funds are generally recognized for their long term profitability—a 67.4% devaluation of one of its holdings across a four year span is significant, whatever the rationale, and implies they do not have long term confidence that their shares in Automattic will return value to shareholders. BlackRock’s status as an investor also means it is privy to inside information—for example, financial and performance data. There are a couple of data points that are public, however: this quarter’s devaluation likely incorporates the institution’s feelings about Automattic’s layoffs in April and its acquisition of Clay in June.