Billionaire investor George Soros made a big bet on music streaming services, and it looks like it's paying off
- 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 $178.7 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 $122.6 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 $56.1 million, the filing showed. That's a total of $178.7 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 $132 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 $7.88.
Spotify was Soros' fourth-biggest position at the end of the second quarter, trailing Liberty Broadband ($556.1 million), VICI Properties ($443.7 million), and NXP Semiconductors ($209.9 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 $31.1 million
- Bought 159,200 shares of Facebook, valued at $30.9 million
- Sold 5.91 million shares of Kennedy-Wilson, valued at $102.9 million
- Sold 283,230 shares of Lam Research, valued at $57.5 million
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