Today Spotify‘s shares were traded on the New York Stock Exchange, for the first time after announcing last month that the company would have gone public.
Now, the world’s largest music streaming platform, is valued at $29.5 billion, trading at $165.90 a share.
The company allowed 91% of its 178 million shares into the market for public trading, setting an initial stock price at $132 per share.
The chief executive of personal finance technology firm SmartAsset Michael Carvin, said: “Investors are right to have some reservations, even though Spotify’s scale is about twice that of Apple Music, Apple has a huge ecosystem of products to market to.”
The first day of trading went kinda well after all, the only problem was that the NYSE, as usual, hung the flag of the company’s country of origin, but unfortunately this time they put the wrong one, instead of the Swedish flag, somebody thought the company was Swiss…
