2024-09-22 16:51:08

Billionaire Andreas Halvorsen Is Betting Big on Cazoo (CZOO) Stock. Here’s Why.

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InvestorPlace
By Eddie Pan

Shares of Cazoo (NYSE:CZOO) stock are in the spotlight following a massive purchase by Viking Global’s Andreas Halvorsen. The former Tiger Cub founded Viking in 1999 and today manages over $21 billion in 13F securities. Furthermore, the industry veteran has a net worth of about $6.6 billion.

The U.K.-based online car seller has had a rough year, to say the least. Shares of CZOO stock are down about 90% year-to-date (YTD), underperforming the S&P 500’s YTD loss of 21% by a wide margin. Earlier this month, the company announced that it would wind down operations across continental Europe and focus solely on the U.K. Cazoo had previously invested about $200 million across Spain, Germany and Italy, and had formed multi-year partnerships with European sports teams. The company is currently searching for ways to end several of its sports sponsorships.

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The closing of operations across continental Europe will result in 750 job cuts, adding on to previous job cuts of the same amount. Afterward, Cazoo will still have around 3,000 employees. Now, Halvorsen is stepping in and taking an activist position in CZOO stock.

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