: Spotify stock rises after ValueAct takes a stake


Spotify Technology SA shares SPOT, +4.09% were up more than 3% in Friday morning trading after Bloomberg News reported that ValueAct Capital Management has taken a position in the music-streaming company. The report cited comments from ValueAct Chief Executive Officer Mason Morfit at a Columbia University event Friday morning, during which he noted that the company’s operating expenses have “exploded.” MarketWatch has reached out to ValueAct for comment. “We welcome ValueAct as an investor in Spotify,” a Spotify spokesperson told MarketWatch. ValueAct has also become involved in Salesforce Inc. CRM, -4.16%, and Morfit was named an independent director of the company’s board in late January.

This article was originally published by Marketwatch.com. Read the original article here.

Previous articleIn One Chart: Here are the Republicans running for president — or seen as potential 2024 contenders
Next articleChevron, Amgen, Merck lead way as Dow industrials work off early declines


Please enter your comment!
Please enter your name here