FILE PHOTO: A WeWork logo is seen outside its offices in San Francisco, California, U.S. September 30, 2019. REUTERS/Kate Munsch/File Photo
October 30, 2019
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 <FCNTX.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.
(Reporting By Tim McLaughlin; Editing by David Goodman)
