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Fidelity Cut WeWork Valuation to $18.3 Billion Before Hype Faded

  • Mutual fund giant reduced its valuation by 34% in March
  • The Contrafund cut the value of its stake to $341.6 million
Pedestrians walk past the WeWork Cos. Iceberg co-working space in Tokyo, Japan.

Pedestrians walk past the WeWork Cos. Iceberg co-working space in Tokyo, Japan.

Photographer: Keith Bedford/Bloomberg

Fidelity InvestmentsContrafund, an early investor in WeWork, slashed its valuation of the office-sharing company before Wall Street threw cold water on it.

In March, Fidelity reduced the value of the Contrafund’s WeWork stake by more than a third, according to regulatory filings. That suggested a total market value of about $18.3 billion, compared with $27.9 billion under Fidelity’s previous estimate. Both are based on 338.4 million shares outstanding on a fully diluted basis at the end of last year.