Spotify (SPOT) Valued At $30BN As It Begins Trading On New York Stock Exchange

Spotify has began trading on the New York Stock Exchange just moments ago. After a few hours behind-the-scenes trading, the ficial debut public price for Spotify (SPOT) has been revealed at $166 per share, resulting in a market cap worth $29.6 billion.

Before today’s valuation, analysts reported that Spotify’s valuation would be anywhere between $18 to $44 billion. As May 2015, Spotify’s valuation stood at just $8 billion. Experts warned some major volatility though due to Spotify’s unusual ‘direct listing.’

According to the documents filed with the SEC in the past month, Daniel Ek owns 28.4% the 55.7m shares.

Spotify’s Estimated Valuation in Billions

Spotify (SPOT) Valued At $30BN As It Begins Trading On New York Stock Exchange

Follow Spotify’s movement on the NYSE.