We present the results from multi-wavelength observations of a transient discovered during the follow-up of S191213g, a gravitational wave (GW) event reported by the LIGO-Virgo Collaboration as a possible binary neutron star merger in a low latency search. This search yielded SN2019wxt, a young transient in a galaxy whose sky position (in the 80\% GW contour) and distance (\(\sim\)150\,Mpc) were plausibly compatible with the localisation uncertainty of the GW event. Initially, the transient's tightly constrained age, its relatively faint peak magnitude (\(M_i \sim -16.7\)\,mag) and the \(r-\)band decline rate of \(\sim 1\)\,mag per 5\,days appeared suggestive of a compact binary merger. However, SN2019wxt spectroscopically resembled a type Ib supernova, and analysis of the optical-near-infrared evolution rapidly led to the conclusion that while it could not be associated with S191213g, it nevertheless represented an extreme outcome of stellar evolution. By modelling the light curve, we estimated an ejecta mass of \(\sim 0.1\,M_\odot\), with \(^{56}\)Ni comprising \(\sim 20\%\) of this. We were broadly able to reproduce its spectral evolution with a composition dominated by helium and oxygen, with trace amounts of calcium. We considered various progenitors that could give rise to the observed properties of SN2019wxt, and concluded that an ultra-stripped origin in a binary system is the most likely explanation. Disentangling electromagnetic counterparts to GW events from transients such as SN2019wxt is challenging: in a bid to characterise the level of contamination, we estimated the rate of events with properties comparable to those of SN2019wxt and found that \(\sim 1\) such event per week can occur within the typical GW localisation area of O4 alerts out to a luminosity distance of 500\,Mpc, beyond which it would become fainter than the typical depth of current electromagnetic follow-up campaigns.