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Shares of the music-streaming company Jay Z bought spiked 938% on Tuesday
(Screengrab via YouTube)At the Tidal launch.The streaming company bought by rapper Jay Z spiked 938% on Tuesday.
Aspiro owns Tidal, the music-streaming service Jay Z launched with other celebrities earlier this week.
Earlier in March, Jay Z bought a majority of Aspiro for $54 million.
From Reuters:
In what appeared to reflect investors clamouring too late for a piece of Aspiro's music streaming service Tidal, the shares were up 938 percent at 11 Swedish crowns just before trading was halted ...
The event is likely to have spurred interest in Aspiro's stock, lifting it to a level where buyers looked set to face losses of some 90 percent given the looming squeeze-out of the rump left after Jay-Z's $54 million acquisition of the company. Those remaining shares will be bought at 1.05 crowns each.
The surge forced the Nasdaq OMX Stockholm exchange to halt trading on the stock.
In a statement, the exchange said it encouraged "all market participants to take measures to ensure that orders are reflecting the correct market value."
A Nasdaq spokesman told Reuters, "There are reasons to suppose that some have not noticed the communication around the bid."
Shares closed 63% lower on Wednesday, and you can read the full report at Reuters here »
(Yahoo Finance)
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