Spotify shares have continued to nose-dive, down 33.68% year to date or $82.23 as of close of business in New York on Friday (11 February).
Spotify shares dropped 3.52% or $5.80 in the past 24 hours marking a disastrous week for the streaming company and bringing it back to just 9.47% off its original opening price of $147.92 on 6 April 2018.
Spotify peaked at $364.59 in February 2021 and ended today at $161.93 with around $400 million wiped off its peak price less than a year ago.
Spotify has been plagued with bad press ever since Neil Young withdrew from the service following an ultimatum for Spotify to have him or racist antivaxxer podcaster Joe Rogan. Spotify paid $100 million for the exclusive rights to the Rogan podcasts. The company has lost over $30 billion off its market cap value at its peak.
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