Following its decision to go public via an unconventional direct listing, music streaming service Spotify kicked off trading Tuesday just after 12:30 p.m. ET at $165.90 a share - up 25.6 percent from a "reference price" of $132.
Staff at the stock exchange also hung the Swiss flag outside instead of flag for Spotify's native Sweden.
The report has found that fraudsters are also hacking Netflix and Apple to glean user's private details and sell on subscriptions and accounts.
Spotify is still not profitable to this day.
Spotify's shares on the stock market have momentarily begun trading, and according to Music Business Worldwide, individual shares have officially debuted at $166 each, resulting in a total market cap total of $29.6 billion.
Wind Advisory issued ahead of severe storms
These storms are out ahead of the cold front, additional showers and storms are forming along the front as well. The greatest threat will be damaging winds and hail, although an isolated tornado can not be ruled out either.
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 United States tech listings.
This is the second piece of good news for the UK's largest public equity investment trust which last month saw Dropbox (DBX.O) achieve an $11.5 billion valuation on its flotation on Nasdaq. It's said that Spotify chose the direct listing method to help ensure that employees and longtime shareholders could sell stock on day one if they wanted to. Its biggest rivals are Apple Music - which dominates the digital downloads market - Amazon, Google, and smaller streaming services like the French company Deezer and Pandora and Jay Z's Tidal in the US.
Spotify CEO Daniel Ek declined an invitation to ring the opening bell at NYSE. Our focus isn't on the initial splash.
Spotify, like fellow tech firms such as Tesla and Uber, has never turned a profit.
Spotify has filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") relating to its ordinary shares.
At the end of a year ago, Spotify counted 159 million monthly users of which 71 million are premium subscribers.