Update erases all previous content

I tried updating from CMS 1.8.9 to CMS 3.1.2. After doing the update, nothing from my previous install is there. No users, devices, layouts, media, etc. I did copy the contents of the /opt/shared folder to another location. Can I just copy this folder back after the update to have all my previous content or do I need to start over recreating everything in the new version?

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