UPDATED: Spotify stocked closed at $159.75 Thursday, down 16.76%. That’s the lowest price since mid May of 2020 and a fall of almost 50% in the last 12 months.
Facebook (now META) also fell 26.39% on Thursday, a 19 month low. That’s a single day lost in value of $337.6 billion.
By contrast the NASDAQ composite index fell just 3.74% Thursday.
Both Spotify and Facebook stocks are suffering from investor concern over slowing user growth
MORE:
• Spotify user growth slows
• Spotify fell 18% Wednesday and Joe Rogan had nothing to do with it (NYSE: SPOT)
• Facebook users fall for first time ever, stock drops
Bruce Houghton is Founder and Editor of Hypebot and MusicThinkTank and serves as a Senior Advisor to Bandsintown which acquired both publications in 2019. He is the Founder and President of the Skyline Artists Agency and a professor for the Berklee College Of Music.
