October 30, 2019 / 1:55 PM / 19 days ago

Fidelity Contrafund cuts value of WeWork stake by 35%

BOSTON, Oct 30 (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 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)

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