Spotify announced sale of share of ValueAct
2023.02.10 14:05
Spotify announced sale of share of ValueAct
By Kristina Sobol
Budrigannews.com – Spotify Technology SA (NYSE:) has received a stake from ValueAct Capital Management. during a time when the audio streaming company is trying to save money.
A spokesperson for the Swedish company stated on Friday, “We welcome ValueAct as an investor in Spotify,” without providing any additional information regarding the investment.
To $125, Spotify’s shares rose 3.5 percent.
According to Bloomberg News, which first reported the stake, ValueAct Chief Executive Mason Morfit disclosed the investment on Friday during a presentation at a Columbia University event in New York.
ValueAct, who declined to comment, stands out from other activist investors by preferring to remain secretive and rarely presenting its investment concepts to the public.
In recent years, it has invested more frequently in Japan, but it has also invested in companies in the United States, such as Microsoft Corporation (NASDAQ:). as well as Citigroup Inc.
In the meantime, Spotify has made significant investments to expand its podcast and audiobook business by 2022, and its operating expenses are increasing at a rate that is twice as fast as its revenue.
However, Spotify Chief Executive Daniel Ek announced layoffs and an organizational reorganization in January as a result of a difficult economic environment.
