By: Amanda Anderson-Niles
Jay Z’s latest business venture got slammed by multiple media outlets and plenty of folks on social media, but the rapper got some good news Tuesday evening.
Apparently Aspiro, the parent company of Tidal, saw its stock surge by 938% after the controversial press event. That’s a great sign for the new streaming company.
In what appeared to reflect investors clamouring too late for a piece of Aspiro’s music streaming service Tidal, the shares were up 938 percent at 11 Swedish crowns just before trading was halted …
The event is likely to have spurred interest in Aspiro’s stock, lifting it to a level where buyers looked set to face losses of some 90 percent given the looming squeeze-out of the rump left after Jay-Z’s $54 million acquisition of the company. Those remaining shares will be bought at 1.05 crowns each.
While multiple media outlets claimed Tidal’s celebrity-filled media event was a bad move, it looks like it was a huge hit with investors.