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

Stock Market1 min read

Markets Insider

• 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 $165.90 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.

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