Shares of the streaming music company Jay Z bought spiked 938% on Tuesday

Tidal launchScreengrab via YouTubeAt the Tidal launch.

The streaming company Jay Z bought spiked 938% on Tuesday.

Aspiro owns Tidal, the music streaming service Jay Z launched with other celebrities earlier this week.

Earlier in March, Jay Z bought a majority of Aspiro for $US54 million.

From Reuters:

In what appeared to reflect investors clamouring too late for a piece of Aspiro’s music streaming service Tidal, the shares were up 938 per cent at 11 Swedish crowns just before trading was halted …

The event is likely to have spurred interest in Aspiro’s stock, lifting it to a level where buyers looked set to face losses of some 90 per cent given the looming squeeze-out of the rump left after Jay-Z’s $US54 million acquisition of the company. Those remaining shares will be bought at 1.05 crowns each.

The surge forced the Nasdaq OMX Stockholm exchange to halt trading on the stock.

In a statement, the exchange said it “encourages all market participants to take measures to ensure that orders are reflecting the correct market value.”

A Nasdaq spokesman told Reuters that, “There are reasons to suppose that some have not noticed the communication around the bid.”

Shares are now down over 61% and you can read the full report at Reuters here »

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