Morris is feeling quite bullish on Spotify's future prospects, and he points to the fact that the streaming music service offers up "convenience, curation, breadth of content, and payment options" for users.
Daniel is the Founder and CEO of Spotify, where he sets the company's overall vision. It's not really been a good time for technology stocks, but on the day of Spotify's debut the Nasdaq closed up 1.06%.
According to Reuters, Spotify - trading as SPOT - had a largely stable first day of trading, and at closing time, the company's shares were trading at $149.01 per share, giving Spotify a massive market cap of $26.5 billion, bigger than Snap Inc. which made its stock market debut a year ago.
The shares quickly wobbled in their first hour of trading, though remain well above the NYSE's reference price of $132.
London Passes New York City in Murders for First Time Ever
A Sunday Times report found England's capital recorded 15 murders across the month, which was one victim more than NY . A third incident on Sunday evening left a 16-year-old boy in hospital after he was stabbed near Bow in east London.
Less certain for investors, however, is Spotify's profitability.
It warned last week that its sales growth was likely to slow this year, although it still expected to post a narrower annual loss.
Debuting on the New York Stock Exchange, Spotify shares will finally become publicly traded.
Spotify soared to a value of more than $26 billion in its long-awaited stock debut on Tuesday and achieved a valuation among the top USA tech listings. Some 91 percent of Spotify's 178 million shares were tradable, a much higher percentage than typical in a traditional IPO. And among the streaming households, nearly half subscribe to a music service, a high figure also internationally. "At the same time we see limited pricing power as free alternatives will persist, and that is in the here and now".
The valuation saw Spotify rising above Snap that itself was valued at $24bn following its IPO that raised $3.4bn earlier this year. While I appreciate that this path makes sense for most, Spotify has never been a normal kind of company.
Normally, companies ring bells.
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