4PM UPDATE
Spotify closed at 159.70, down nearly 17% or 32.22.
Facebook was much worse– closed -26.4%, down 85.24 from from 323 to 237. Triple yikes.
The Dow Jones was down 518.17 or 1.45%.
Not a great day is an understatement.
EARLIER
Spotify is not recovering from its Joe Rogan problem.
Stock price is down 40 bucks today or roughly 20 percent. Over night the stock went off a cliff has just kept sinking.
Yesterday’s closing price was $191.92. Today SPOT opened at $164 and it’s currently at the day’s low of $158.
Crosby, Stills, Nash and especially Young have removed or are removing their music from the site. Joni Mitchell, India Arie, and others are jumping in. Rosanna Arquette is removing her celebrity-politics podcast. These are brand names that are hurting Spotify. More rats may desert the ship this week.
Keep refreshing for a stock update at 4pm.
