Fidelity Contrafund cuts value of WeWork stake by 35%

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BOSTON (Reuters) – Fidelity Investments cut the value of Contrafund’s stake in WeWork Companies Inc by 35% in September amid turmoil surrounding the office-sharing startu-p’s failed initial public offering (IPO).

Fidelity disclosed on Wednesday that Contrafund (O:) held $193.1 million in Series E WeWork shares at the end of September, down from $295.1 million the previous month. The valuation cut assumes no shares were bought, sold or transferred between the two periods.

Fidelity declined to comment.

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