Spotify tumbles further away from its debut price after unusual direct offering

  • Spotify shares fell by nearly 5% in early trading Wednesday, sliding further away from their debut price.
  • The music-streaming service went public Tuesday through a s0-called direct listing that bypassed underwriters, a set supply of shares sold to specific investors, and a lock-up on existing investors.
  • At its lowest point early Wednesday, Spotify was nearly 18% below its opening price of $US165.90 a share.
  • The broader stock market was also weaker on Wednesday after China announced retaliatory tariffs on US exports.
  • Track Spotify’s stock in real time here.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.