Is Berkshire betting on its "younger self"? But this is actually a "technology company"!
On October 14, a discounted additional issuance worth $330 million caused the share price of an Italian company to surge by more than 50% during intraday trading.
The buyer was Berkshire Hathaway. Three months earlier, it had subscribed $600 million in this company’s IPO; three months later, it added another $330 million at a price about 13% below the previous day’s closing price, raising its stake to 4%.
This company is called Bending Spoons, and its main business is somewhat “unseemly”: it specializes in acquiring established internet brands forgotten by the market, laying off most of the employees post-acquisition, overhauling the products and pricing, then holding onto them indefinitely and using the profits to acquire its next target.
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