Why Berkshire Hathaway is betting nearly $1 billion on Bending Spoons
Source: Business Insider ·
Warren Buffett's storied company has historically avoided tech stocks, but Bending Spoons is a long-term acquirer that prizes ownership and learning.
From the source
Warren Buffett is the former CEO and chairman of Berkshire Hathaway.Paul Morigi/Getty Images for Fortune/Time IncBerkshire Hathaway is set to invest $330 million in Bending Spoons, adding to its previous $600 million.Warren Buffett's storied conglomerate is poised to hold a 4% stake in the owner of AOL and Vimeo.Berkshire's wager is a surprise, but there's some DNA in common with Bending Spoons.Berkshire Hathaway's latest bet isn't a no-brainer or a head-scratcher; it's somewhere in between.What's the deal?Berkshire — which has seen Warren Buffett retire as CEO and chairman since the turn of the year — has agreed to invest $330 million in Bending Spoons, on top of a $600 million injection when the Italian tech conglomerate went public in July, giving the Nebraska behemoth a 4% stake.Bending Spoons disclosed Berkshire's backing in a press release on Wednesday, catapulting its stock up nearly 50% over two days, a phenomenon known as the "Buffett effect." The stock fell on Friday, but…