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 union representing Southwest Airlines pilots says it reached a new contract agreement in principle with the airline following three years of negotiations.
U.S. Bank has been hit with a $36 million fine for freezing debit cards that distributed unemployment benefits during the pandemic.
Construction of new homes rose by double digits in November, according to data from the Commerce Department.
Cheddar News' Need2Know is brought to you by Securitize, which helps unlock broader access to alternative investments in private businesses, funds, and other alternative assets. The private credit boom is here and the Hamilton Lane Senior Credit Opportunities Fund has tripled in assets under management in just six months from November 2022 through April this year. Visit Securitize.io to learn more.
Stocks opened lower after the opening bell and on track for its first decline in 10 days after a recent winning streak.
Tesla drivers in the U.S. were in more accidents than drivers of any other car brand this year, according to a study.
The promise of self-checkout was alluring: Customers could avoid long lines by scanning and bagging their own items, workers could be freed of doing those monotonous tasks themselves and retailers could save on labor costs.
Monsanto was ordered to pay $857 million to students and parent volunteers at a Washington school.
A federal judge has struck down hundreds of lawsuits filed against the makers of Tylenol and generic acetaminophen.
California regulators are preparing to vote on new rules for turning recycled wastewater into drinking water.
