SPOTIFY BUYING BACK $1B IN STOCK
Spotify is beginning a $1b stock repurchase program from today through 4/21/2021. The company has been approved to buy up to 10m ordinary shares.
Shareholders and the Board of Directors OK’d the repurchase and Spotify immediately rose nearly 3% in pre-market trading this morning to open at $140.56. Spotify’s stock has been down 15% over the past month.
The company issued a statement that read: "The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities. The repurchase program will be executed consistent with the Company's capital allocation strategy of prioritizing investment to grow the business over the long term.
"The repurchase program does not obligate the Company to acquire any particular amount of ordinary shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion."
After issuing the above statement, Team Spotify resumed making paper airplanes out of $1,000 bills and taking turns luxuriating in Daniel Ek's emerald-encrusted beanbag chair.
