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April 4, 2018

Spotify's stockholders sing a happy tune

By MICHAEL LIEDTKE
AP Technology Writer

SAN FRANCISCO — Spotify's opening act on Wall Street struck a chord with investors betting the unprofitable company's trend-setting music streaming service will maintain its early lead over Apple and other powerful challengers.

After several hours of anticipation Tuesday morning, Spotify's shares traded as high as $169 in their stock market debut before falling back slightly. The stock closed at $149.01 — well above its previous high of $132.50 in deals worked out during Spotify's 12-year history as a privately held company.


 
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