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Boston-based Fidelity placed a new valuation on a Series E stake
in WeWork that it acquired in June. WeWork's valuation in
Fidelity's popular Contrafund was $291.3 million at the end of
December, up from $190.9 million in November, the fund disclosed
in its latest holdings report.
New York-based WeWork which divides up rented office space for
start-ups and small companies. The start-up company is
considered a unicorn because it has a valuation of more than $1
billion and has yet to go public. Over the past few years, the
valuations of private companies such as Uber, Xiaomi, Snapchat,
Pinterest, Airbnb and Dropbox have skyrocketed as they prepare
to become publicly traded.
Mutual funds such as Contrafund have become a bigger player in
an investing sector once dominated by venture capital firms,
boosting competition.
WeWork accounts for just 0.27 percent of Contrafund holdings,
which are worth about $110 billion. The fund is run by Will
Danoff, who is considered one of the industry's best stock
pickers.
(Reporting By Tim McLaughlin)
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