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.
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.
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.
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.
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:
Rep. Liz Cheney (Wyoming): $1.54 million
Rep. Adam Kinzinger (Illinois): $1.15 million
Rep. Jaime Herrera Beutler (Washington): $744,750
Rep. Anthony Gonzalez (Ohio): $616,524
Rep. Peter Meijer (Michigan): $519,741
Rep. John Katko (New York): $436,291
Rep. Tom Rice (South Carolina): $404,731
Rep. Fred Upton (Michigan): $360,392
Rep. David Valadao (California): $322,144
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.