Can I Get A…Shares Of Jay Z’s Tidal Up 938%; Stockholm Exchange Stops Trading
Jay Z caused the Stockholm exchange to come to a stop–kind of. The launch of his streaming music company Tidal (owned in partnership with lots of other big-name artists) pushed the stock price for the parent company Aspiro up a whopping 938 percent on Tuesday as investors scrambled for shares.
Earlier this year, Jay Z finalized a deal to buy a majority of Aspiro for $54 million. But it seems many investors didn’t take notice until the recent star-studded press conference to announce the debut of Tidal, which was attended by the likes of Beyonce, Madonna, Rhianna, Kanye West.
This spike in shares caused major havoc. In fact, the surge caused the Nasdaq OMX Stockholm exchange to halt trading on the stock.
“In what appeared to reflect investors clamoring too late for a piece of Aspiro’s music streaming service Tidal, the shares were up 938 percent at 11 Swedish crowns ($1.27 US) just before trading was halted,” reports Reuters.
At least some folks are excited about the service, even if Twitter’s feelings on it are mixed at best.