Spotify traded down 10% on first day, achieved $26.5 billion market cap

Spotifyis done with its long-awaited “direct listing” experiment. The music streaming company went public without the IPO.
After completing its first trade halfway through the day at $165.90, Spotify fell to $149.01, 10 percent beneath the open. It was a down day on the stock market, but at a $26.5 billion market cap, it’s up from the private market trading that happened in the months leading up to the IPO.
The top end of that range, $132, was used as a “reference po