The Spotify share-price has continued to crash ever since Neil Young accused the streaming giant of distributing anti-vaccine propaganda and called out podcaster Joe Rogan, whose anti-vaxx views were just part of the problem. Rogan was also a racist with more than one hundred of his racial slurs documented via distribution on the Spotify platform.
After Young withdrew all of his music from the platform, his friends Joni Mitchell, David Crosby, Stephen Stills and Graham Nash also followed.
While that was enough to inspire millions of Spotify subscribers to withdraw from the service, Spotify was also hit with a second wave of anger with India.Arie directed fans to Rogan’s repeated use of the N word in his podcasts. Spotify removed over 70 episodes of the Rogan show, a programming asset they had paid $100 million for.
Spotify has now lost more than $30 billion in value. Its shareprice one year again sat at $305.60 and today it is $130.05.
Spotify was founded in 2006 by Daniel Ek, who made his fortune when his company Tradera was acquired by eBay in 2006 for $36 million. eBay owned Paypal and parked Tradera into Paypal where it now resides.
Ek had earlier come under criticism in 2021 for investing over $100 million in defense company Helsing, a company that creates Artificial Intelligence for the military for battlefield operations. He is now a board member of that company. Helsing clients include the British, French and German militaries.
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