From $40,000 and a Matrix-inspired name to a $23B Nasdaq tech empire

An Italian startup that quietly built a sprawling tech conglomerate through roughly 50 acquisitions of struggling brands (including Evernote, AOL, Eventbrite and Vimeo) and heavy debt. After going public on Nasdaq, it raised about $1.68 billion and is valued at roughly $23 billion, driven by a large, highly paid team of “Spooners” who overhaul acquired products rather than selling them off. The approach, praised for reviving assets and criticized for layoffs and limited financial disclosure, sets up ongoing questions about the long-term performance of the holdings under Bending Spoons.