Berkshire Hathaway has now committed $930 million to Bending Spoons, the Milan-based company that buys and overhauls digital businesses such as AOL, Vimeo and Evernote. The latest piece is a $330 million private placement announced on Wednesday, on top of the $600 million Berkshire put into Bending Spoons’ Nasdaq IPO in July.

Under the deal, Bending Spoons will issue 10 million new ordinary shares to Berkshire at $33 each, according to the company’s Form 6-K. The placement is subject to customary closing conditions, and Bending Spoons expects it to close in the fourth quarter. Once it does, Berkshire will own about 4% of the company, making it Bending Spoons’ sixth-largest investor, according to LSEG data cited by Reuters.

Berkshire Hathaway Takes Its Bending Spoons Bet to $930 Million Under Greg Abel

The IPO priced at $29 a share. Bending Spoons stock jumped 41% on the day the new investment was disclosed, CNBC reported, then fell 15.6% on Friday, The Inference reported. It closed Monday at $45.65.

Who made the call

Greg Abel replaced Warren Buffett as CEO at the start of the year, and he said in his first shareholder letter that he would oversee the stock portfolio directly. “At Berkshire, equity investments are fundamental to our capital allocation activities; responsibility ultimately resides with me as CEO,” he wrote, adding that investment manager Ted Weschler manages about 6% of Berkshire’s investments.