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Spotify took its shares public last week using an unorthodox method that garnered a lot of attention.
Spotify's so-called direct listing, which valued the company at $30 billion at the opening trade, attracted so much interest because it bucked the traditional initial-public-offering process in several key ways.
But since Spotify took the plunge April 3 on the New York Stock Exchange, the hype and hoopla have faded considerably. The company has traded around $154 a share, down from its opening price of $165.90. And several questions remain unanswered.
We spoke with three senior Wall Street executives who oversee equity capital markets operations for major banks about Spotify's direct listing. They weren't worried that Spotify's unusual public listing succeeded, but said there's a "much bigger threat" facing their industry. Here's our story.
Elsewhere in finance news, we talked to Steve Cohen's right hand man about Point72 Venture's latest investment, tech on Wall Street, and cryptocurrency. Credit Suisse's CEO bizarrely laid into Arsenal manager Arsene Wenger when asked about the global economy.
And a 71-year-old retired banker received his Stanley Cup ring 46 years after helping the Boston Bruins to a title.
Business Insider on Thursday published its list of the traders, investors, and technologists pioneering crypto on Wall Street. You can read that list here.
In markets news:
- Fed sounds the alarm on the damage a trade war could do to the US economy
- Aluminum rockets to a 6-year high after US imposes sanctions on a major Russian producer
- One Wall Street firm has formulated a plan for ruffled investors who want to brave the stormiest parts of the market again
- A key recession indicator is flashing yellow again - but there's one reason this time could be different
In tech news, Mark Zuckerberg's 2nd day of congressional grilling over user data and Facebook bias didn't go quite as smoothly as his first. Elsewhere in tech news:
- Facebook could enjoy the "unintended consequences" of new regulations
- Salesforce paid $6.86 billion to buy MuleSoft in its biggest deal ever - but MuleSoft shareholders are suing to stop the deal
- Tesla slides after 'tense' scuffle with government investigators over fatal Autopilot crash
- One of Netflix's biggest bears says the streaming giant 'burns cash at an alarming rate'
- Amazon's plan to dominate shipping is about to hit a wall