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04 April 2018, 01:12 | Gerardo Harmon
Extremt mycket lol på Wall Street när NYSE hissar en schweizisk flagga. $SPOT #sthlmtech
Keep in mind to update your bookmarks.
Global music-streaming giant Spotify Technology SA made its debut on the New York Stock Exchange Tuesday afternoon. The Swedish company's use of a "direct listing" allows its early investors and employees to sell as many shares as they want whenever they want.
"Despite the downbeat mood music, Spotify shares changed hands on the market at a substantial premium to the highest price previously paid in private transactions, indicating significant investor demand for the stock".
On the eve of the public offering, Spotify CEO Daniel Ek touted the decision to avoid the usual fundraising and fanfare of an IPO as an example of the company thinking different.
I have no doubt that there will be ups and downs as we continue to innovate and establish new capabilities.
"Nothing ever happens in a straight line - the past 10 years have certainly taught me that".
"Normally, companies ring bells", Ek wrote. Apple Music, however, was growing at a much faster rate than its newly public rival: 5% versus 2%.
The Dow Jones industrial average and the S&P 500 were down almost 3 percent on Monday, and the tech-heavy Nasdaq had erased its gains for the year.Stocks got slammed on Tuesday with tech stocks dragging in the market as Amazon (AMZN) dropped 5% and was again in the headlines following a tweet from President Donald Trump.
The opening public price was determined by buy and sell orders collected by the NYSE from broker-dealers and a designated market maker's determination of where buy orders could be matched with sell orders. However, as The Guardian points out, it's hard to value the music streaming firm because in its 12 years of existence, it's never turned a profit, despite the fact that it now has 157 million listeners, of which 71 million are paying subscribers.
"Spotify has been the driving force in nothing less than a turnaround in the U.S. recorded music industry", Verna said.
In a blog post Monday, Ek said he is proud of the streaming service, but Tuesday's debut on the New York Stock Exchange wasn't the company's top focus.
Today marks Spotify's entrance into life as a publicly-traded company, and how things go might very well dictate what the IPO market looks like going forward...blah blah blah. "And with no underwriters and stabilisation agents the stock could be extremely volatile in early trade". The decision to direct list the stock instead of performing an IPO came as a surprise to many in the finance sector and could signal a new era of Wall Street reform. This is because in its 12 years of existence, the company costs are far greater than its revenues and as much as that gap is narrowing, there is no assurance that Spotify can become truly profitable. "Instead, we will be working on trying to build, plan, and imagine for the long term", Ek said.
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And for us to get in here, I think it's going to spark conversation about this and I know the committees have such a hard job". It was written on the white board of their locker room as the stated mission. "The underdog mentally, they may have it".