While journalists were writing negative headlines about Spotify Technology (NYSE:SPOT) over its Joe Rogan saga, investors began buying the stock. Then the bottom dropped out. SPOT stock lost nearly half its value between last February and January 31.
In the succeeding days, it rose 15%. Then, after a net loss of $8 million on revenue of $3 billion for the last quarter of 2021, shares lost nearly 6% in after-hours trading, closing the day at about $192. Since then, the stock has dropped off a shear-face cliff, shedding 20% between two days of trading.
Rogan, who is a comedian and sports commentator, made his podcast a Spotify exclusive in May 2020. The contract was said to be worth over $100 million. It was part of a strategy by Spotify to dominate podcasting.
See what’s happening to Spotify stock here.
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