Berkshire Hathaway just agreed to invest another $330 million in a company you might not have heard of. On Wednesday, Berkshire committed to buying 10 million shares of Bending Spoons at $33 apiece in a private placement, bringing its total stake to roughly $930 million. Stock surged about 40% to around $53.
Bending Spoons is an Italian software company that buys apps with huge user bases and squeezes them for profit. Since 2023 it has acquired Evernote, WeTransfer, Airtable, Meetup, Eventbrite, Vimeo, and AOL, with a deal for Miro pending. The playbook: buy the app, cut most of the staff, raise prices. Evernote lost most of its U.S. team. Prices have roughly tripled since the acquisition. Downloads dropped 64% - but revenue climbed 39%.
Revenue hit $1.31 billion in 2025, more than triple what it was two years prior, and the company guided $2.8 billion for 2026. But only 3% of last quarter’s growth was organic. The rest was bought via acquisitions.
Berkshire’s in for $930 million. The user bases shrink, but the revenue doesn’t.
Vote to reveal what others think
We verify emails to keep votes authentic and prevent spam. One person, one vote.
Already have an account? You'll be redirected to sign in.
Feels hard to get behind a company that is so explicitly buying assets in decline, without the evidence they're actually turning around these products? A P/E firm would be looking to relist or sell, but it's less clear what the end goal is here - just retain customers for as long as possible? On the other hand, if you want exposure to AI on the cheap, one option might be to hold BSP and just wait for the bubble to pop, lol.