Race for Spotify after Daniel Ek's defection

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Race for Spotify after Daniel Ek's defection
Photo: Terje Pedersen/NTB/TT

Since founder Daniel Ek left the CEO position at Spotify, the company's stock has plummeted 20 percent on the New York Stock Exchange. The equivalent of SEK 280 billion in market capitalization has gone up in smoke.

Just last week, Spotify's stock has fallen 8 percent, partly after the news that it is acquiring the site Whosampled and its database of music samples, writes Billboard .

Daniel Ek stepped down as CEO in September after being the face of the streaming service since its inception almost 20 years ago. At the retreat, Ek promised to remain active in the company as executive chairman, but investors don't seem to be entirely convinced.

Since the turn of the year, however, the music giant's stock has risen by a full 27 percent, despite the decline.

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By TTEnglish edition by Sweden Herald, adapted for our readers

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