Spotify’s showdown with Neil Young cost the streaming company $4 billion off its market value.
Spotify’s market cap on the stock exchange dropped around $4 billion, creating a direct almost $2 loss it its biggest shareholder, China’s Tencent Music.
Spotify’s shareprice dropped 12% before settling at 6% down on the NASDAQ after Young announced his withdrawal from the platform on Wednesday. The hashtags #DeleteSpotify and #CancelSpotify started trending on social media as a result of the news.
Young had given Spotify the ultimatum, remove the podcasts of racist, anti-vaxxer Joe Rogan or take down his music. “They can have Rogan or Young. Not both,” Young said. Spotify chose to go with the racist, anti-vaxxer and deleted Young.
Rogan is a high-profile supporter of vaccine conspiracies but he is also a clime change denier, homophobe and racist. In a recent podcast with a fellow racist, the brainiacs argued that the term Black should only apply to the darkest of African natives still living in Africa.
Joni Mitchell has also joined Young in removing herself from the platform.
Spotify has had a tough January on the stock exchange. The company started the year with a shareprice of $244.16. It was at $364.59 in February 2021. On Friday it finished the days trading at $172.98.
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