This Early Spotify Investor Isn't Concerned Shares Have Pulled Back
One early Spotify investor is happy that the company’s stock didn’t surge when it started trading on the market Tuesday.
“If we had totally exploded, I don’t think that would have been good,” said Pär-Jörgen Pärson, partner at European venture capital firm Northzone, a Spotify investor since 2008.
“It would be hard to grow into that valuation over time. I think it’s better to have a gradual convergence of what the market expects and what you deliver as a company.”
Investors and experts forecasted major market volatility as a result of Spotify’s unusual direct listing. But the music streaming company’s public debut went off smoother than expected, and despite pulling back from from the opening trades, shares remain well above the reference price of $132 a share.
Reports emerged Thursday that only about five percent of the total number of Spotify shares that were eligible for the listing were actually sold and traded.
That may be because investors aren’t ready to part ways with their shares as they’ve “grown to really like and appreciate the destructive nature of the company,” said Pärson.
Spotify shares ended Thursday at almost $144.
The Federal Trade Commission is suing to block a proposed merger between the two grocery stores. The FTC says the $24.6 billion deal would eliminate competition and lead to higher prices for millions of Americans.
Terecircuits CEO Wayne Rickard explains some of the other companies set to benefit from the Nvidia-led chipmaking rally, including manufacturing and toolmaking companies.
Axios reporter Erin Doherty breaks down the results from the South Carolina primary as former President Trump gets closer to winning the GOP nomination.
Jay Woods of Freedom Capital Markets shares thoughts on how the latest inflation report will impact the market, and why he expects a ‘cascade’ of IPOs if Reddit’s public debut goes well.
During AT&T's widespread outage Thursday, landline phones were a working alternative — which most of the U.S. does not have. Over half of Americans are estimated to have ditched landlines altogether.
Jade Kearney Dube, Founder & CEO of She Matters talks the Symptom Tracker app, cultural competency for healthcare providers, and being a Black woman CEO looking for funding.
Ahead of April’s planned BitCoin halving, Bitfarms CEO Geoff Morphy shares why he thinks the crypto rally will continue, plus why you’ll see a broader adoption of clean energy for mining.
