Spotify opens at $165.90, valuing company at almost $30 billion

Spotifyopened on the New York Stock Exchange at $165.90, giving the company a market value of $29.5 billion.
The first trade didn’t happen until 12:45pm Eastern. This is halfway through the trading day, and a record for the latest opening time for a public debut.
Shortly after the open, shares fell to a little above $160.
The digital music company isn’t selling its shares on the stock market, meaning the company isn’t raising any money today. Instead, the event known as a