Thursday, May 23, 2024

UPDATE Spotify, Facebook Stocks Went Off a Cliff Today Down Down Down, Taking the Markets with Them

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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.

Roger Friedman
Roger Friedmanhttps://www.showbiz411.com
Roger Friedman began his Showbiz411 column in April 2009 after 10 years with Fox News, where he created the Fox411 column. His movie reviews are carried by Rotten Tomatoes, and he is a member of both the movie and TV branches of the Critics Choice Awards. His articles have appeared in dozens of publications over the years including New York Magazine, where he wrote the Intelligencer column in the mid 90s and covered the OJ Simpson trial, and Fox News (when it wasn't so crazy) where he covered Michael Jackson. He is also the writer and co-producer of "Only the Strong Survive," a selection of the Cannes, Sundance, and Telluride Film festivals, directed by DA Pennebaker and Chris Hegedus.
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