(CercleFinance.com) – Spotify outperformed the trend on Friday in New York, a move that some observers attribute to the recent share purchase made by Daniel Ek, the Swedish group’s founder and managing director.
The title is currently nibbling 0.1% while US equity markets are dropping an average of 1%.
In a post published on his Twitter account, the boss of the music streaming application indicates that he bought $ 50 million in shares of his company last week.
“I have always made it clear that I have strong confidence in Spotify and in the project we are developing,” he tweeted. “I think our best times are yet to come,” he added.
The company executive stresses that he is not required to declare this type of transaction to the American stock exchange authorities because of the foreign origin of the company, but considers that it was “important that the shareholders know it”.
Spotify Technology reported lower-than-expected first-quarter revenue last week, an announcement that sent the stock down more than 12% to historic lows.
Although the stock market has partly recovered since then, the stock is still down by more than 54% since the start of the year.
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