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NYSE: SPOT

Wednesday, 4 April, 2018

Shares in Spotify (NYSE: SPOT) opened at $165 yesterday, more than a quarter higher than the $132 guide price set by the New York Stock Exchange. By the end of the day, some 30 million shares had traded hands. After going as high as $169, they lost momentum to close at $149, making the Swedish company worth about $26 billion, well above the value of other tech firms such as Twitter. Spotify used an unconventional process to go public: instead of issuing new shares, early investors sold their holdings, which gave the firm’s early backers a chance to cash in on its growth.

Can Spotify make money by streaming music? Or will it have to expand its offers to include services such as travel? After all, it knows where you’re going and what you like to listen to on the way. While we wait to see how this one unfolds, Samuel Huxley Cohen has curated a 55-hour Spotify playlist of Bob Dylan songs in chronological order.

Spotify


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