- Billionaire George Soros’ firm made big bets on the music-streaming industry in the second quarter, according to regulatory filings.
- Soros Investment Management took stakes now worth $US178.7 in newly-public Spotify and Pandora, the documents showed.
Billionaire investor George Soros bet big on music-streaming platforms in the second quarter.
His fund, Soros Fund Management, bought 728,700 shares of Spotify currently valued at $US122.6 million in the second quarter, according to documents filed Tuesday. It also loaded up on 7.12 million shares of Pandora stock currently valued at $US56.1 million, the filing showed. That’s a total of $US178.7 million invested across the two services.
Although it’s not known when exactly Soros took these positions, Spotify spiked 27% in the period from its initial public offering at $US132 per share through the end of June. It’s since risen another 15%. Meanwhile, Pandora soared 57% in the second quarter, ending the period at $US7.88.
Spotify was Soros’ fourth-biggest position at the end of the second quarter, trailing Liberty Broadband ($US556.1 million), VICI Properties ($US443.7 million), and NXP Semiconductors ($US209.9 million).
It’s possible Soros exited its position at some point during the first half of the third quarter.
According to the 13F, Soros also made the following decisions in the second quarter:
- Bought 500,000 shares of Coupa Software, valued at $US31.1 million
- Bought 159,200 shares of Facebook, valued at $US30.9 million
- Sold 5.91 million shares of Kennedy-Wilson, valued at $US102.9 million
- Sold 283,230 shares of Lam Research, valued at $US57.5 million
- There’s a $US1 trillion question hanging over stocks right now – and the answer could determine the ultimate fate of the market
- One dirty word keeps popping up as Wall Street weighs the next market crash – and it should strike fear into the hearts of investors everywhere
Business Insider Emails & Alerts
Site highlights each day to your inbox.