Spotify Shares Rise After Reports of Activist Investor ValueAct Taking Stake
ValueAct Capital Management has taken a stake in Spotify Technology SA, at a time when the audio streaming company is looking to cut costs. "We welcome ValueAct as an investor in Spotify ," a spokesperson for the Swedish company said on Friday, without disclosing further details on the investment. Spotify's shares rose 3.5 percent to $125 (nearly Rs. 10,300). ValueAct Chief Executive Mason Morfit disclosed the investment during a presentation at a Columbia University event in New York on Friday, according to Bloomberg News, which first reported the stake. ValueAct, which declined to comment, distinguishes itself from other activist investors by preferring to stay behind the scenes and rarely presents its investment ideas publicly. It has been investing more frequently in Japan in recent years, but has also made investments in US companies including Microsoft and Citigroup. Meanwhile, Spotify has invested heavily in building up its podcast and audiobooks business in