Spotify's stock falls from $165.90 opening price

Spotify's stock falls from $165.90 opening price

Spotify made its highly anticipated Wall Street debut on Tuesday, with a closing price of $149.60, giving the music streaming company a valuation of $26.6 billion.

The price was 13 percent more than the $132 reference price set by the New York Stock Exchange, based on how the stock traded on private markets before public trading began.

Spotify's stock opened at $165.90 and experienced stable trading before falling later in the day. Analysts had anticipated volatility and perhaps irregularities during Spotify's market debut because the company chose an unusual path to go public, but "this was a smooth open," New York Stock Exchange President Thomas Farley said...