Billionaire investor Seth Klarman just bought a $645 million stake in food-delivery app Just Eat

Seth Klarman, CEO of the Baupost Group.
Seth Klarman, CEO of the Baupost Group.

Seth Klarman’s hedge fund has purchased a 3.5% stake in food-delivery app Just Eat Takeaway, according to a Thursday filing.

Baupost, which manages about $32 billion, acquired 7.5 million shares in a transaction dated August 4. Based on Wednesday’s closing price, those shares are worth $645 million.

Just Eat Takeaway was formed by the merger of UK-based Just Eat with Dutch rival Takeaway last year. Its shares are down 19% so far this year, despite takeaway-delivery services booming during the pandemic as people ordered in more and frequented restaurants less often.

The company’s deliveries rose 42% to 588 million in 2020, driving revenue up 54% to $2.7 billion. Strong financial results from Berlin-based competitor Delivery Hero and the UK’s Deliveroo this week showed that consumers have an increasing desire for convenience and speed.

Just Eat Takeaway completed its $7.3 billion acquisition of Chicago-based Grubhub this year, making it the world’s largest online food delivery company outside of China.

Klarman, a value investor regarded as “the next Warren Buffett,” has made other technology bets in recent months.

He invested $200 million in ad-tech company Outbrain last month ahead of its planned IPO. Last year, he revealed stakes worth more than $300 million in tech titans Alphabet and Facebook. He also holds a $400 million stake in Bill Ackman’s blank-check company, Pershing Square Tontine.

Baupost declined to comment, while Just Eat Takeaway didn’t immediately respond to an email from Insider.

Read More: Investing legend Laszlo Birinyi shares how to cash in on a bullish stock-market trade that’s already earned him 250% this year – and explains why he’s not worried about an imminent correction

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Billionaire investor Seth Klarman bets $200 million on Outbrain ahead of the ad-tech group’s IPO

Seth Klarman
Seth Klarman.

  • Seth Klarman’s Baupost has invested $200 million in Outbrain ahead of the ad-tech group’s IPO.
  • The billionaire investor’s hedge fund bought Outbrain bonds that might be convertible into stock.
  • Baupost bet on online advertising last year by investing in Google-parent Alphabet and Facebook.
  • See more stories on Insider’s business page.

Billionaire investor Seth Klarman has plowed $200 million into Outbrain ahead of its planned IPO, the advertising-technology group revealed this week in an amended registration statement.

Outbrain sold $200 million worth of bonds to Klarman’s Baupost Group hedge fund in a private placement on July 1, two days after publicly filing to join the stock market. Baupost can exchange the bonds for convertible notes, which can be swapped for common stock under “certain circumstances,” Outbrain’s updated filing to the Securities and Exchange Commission said.

Baupost – which manages about $31 billion of assets – shares Outbrain’s “vision and commitment for our business, our team and our future prospects,” Outbrain’s co-CEO David Kostman said in a press release about the investment.

An ad-tech company that places recommendation feeds on websites might seem like an unusual bet for Baupost. After all, Klarman’s nickname is the “Oracle of Boston” because he follows a similar value-investing approach to Warren Buffett’s, and many see him as the spiritual successor to the Berkshire Hathaway CEO.

However, Baupost invested in Google-parent Alphabet and Facebook early last year, and held a combined $984 million of the pair’s shares at the end of March, suggesting it has warmed to the online-advertising space.

Baupost is also following Berkshire’s example by striking a deal with a private business. Buffett’s company agreed to plow $570 million into Snowflake when the cloud-data platform listed last year, and recently injected $500 million into Nubank as part of the Brazilian fintech’s latest funding round.

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The 10 GOP lawmakers who voted to impeach Trump have already received $6.4 million in donations this year – far more than their 2022 midterm opponents

trump wind
Former President Donald Trump.

  • Donors are giving millions to the GOP lawmakers who voted to impeach Trump.
  • Wyoming Rep. Liz Cheney, for example, received $1.54 million in the first three months of 2021.
  • They have received far more money than their prospective 2022 midterm opponents, who Trump has backed.
  • See more stories on Insider’s business page.

Republican lawmakers who voted to impeach former President Donald Trump have received more than $6 million in political donations between them since January – far more than their prospective opponents in the 2022 midterms.

Donations to the 10 lawmakers in the first three months of 2021 totaled $6.4 million, per new filings from the Federal Election Commission (FEC), first reported by Bloomberg. The money has come from GOP donors, conservative PACs, and even some Democrat donors, such as entrepreneur Kimbal Musk, Tesla CEO Elon Musk’s brother.

Three of the lawmakers – Kinzinger, Wyoming Rep. Liz Cheney, and Ohio Rep. Anthony Gonzalez of Ohio – had their biggest-ever quarters for political contributions, Bloomberg reported.

The GOP lawmakers have been ostracized by some members of the party since they voted to impeach Trump for inciting the January 6 Capitol riots, and Trump has urged other candidates to run against them in the 2022 midterms. Illinois Rep. Adam Kinzinger was even accused of treason by members of his own GOP-supporting family.

So far, 15 challengers have announced primary bids against the incumbents in the 2022 midterms, though one incumbent, Rep. John Katko, is currently unopposed. The challengers have collectively raised $1.9 million this year, Bloomberg reported.

Here’s how much the GOP lawmakers raised between January 1 and March 31, per the FEC:

  1. Rep. Liz Cheney (Wyoming): $1.54 million
  2. Rep. Adam Kinzinger (Illinois): $1.15 million
  3. Rep. Jaime Herrera Beutler (Washington): $744,750
  4. Rep. Anthony Gonzalez (Ohio): $616,524
  5. Rep. Peter Meijer (Michigan): $519,741
  6. Rep. John Katko (New York): $436,291
  7. Rep. Tom Rice (South Carolina): $404,731
  8. Rep. Fred Upton (Michigan): $360,392
  9. Rep. David Valadao (California): $322,144
  10. Rep. Dan Newhouse (Washington): $289,493

Cheney topped the list with $1.54 million in funding between January 1 and March 31, the FEC filings show. This includes $10,000 from Mitt Romney’s Believe in America PAC, and $5,600 from her father, former Vice-President Dick Cheney.

Liz Cheney
Rep. Liz Cheney has been an outspoken critic of Trump.

Cheney has said she would not support Trump if he were the 2024 GOP nominee, and has accused him of “embracing insurrection.”

The FEC data shows that some PACs and individual donors gave to each of the 10 Republicans who voted to impeach, suggesting blanket support for lawmakers who stood up to Trump.

Read more: These 10 high-profile Republicans who dumped Trump are mostly wary to back Biden’s re-election. At least for now.

These included some major Democratic donors who crossed the party line. Both Baupost Group CEO Seth Klarman and Lone Pine Capital CEO Stephen Mandel gave $2,900 to each lawmaker, Bloomberg reported.

Restaurateur Kimbal Musk, typically a Democrat donor, gave $2,800 to each of them.

Some lawmakers loyal to Trump have also received a flood of donations. Georgia Rep. Marjorie Taylor Greene raised $3.2 million in her first three months in Congress, the FEC’s records show. Greene has repeatedly spread Trump’s voter-fraud conspiracy theories, which have been thoroughly debunked.

marjorie taylor greene
Rep. Marjorie Taylor Greene received $3.2 million in her first three months.

The size of Greene’s haul is almost unheard of for a first-term congresswoman, Insider’s Grace Panetta reported. Rep. Alexandria Ocasio-Cortez, in comparison, brought in $726,000 in her first quarter in office in 2019.

Trump said on March 10 that he expected Republicans to regain control of the House and Senate in the 2022 midterm elections and win back the White House in 2024.

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