Shares of Spotify closed higher on Monday trading after US podcaster Joe Rogan apologizes amid a backlash against COVID-19 misinformation.
The Swedish music streaming giant surged 13.46% or 23.28 points to $196.26 per share. The extended trading slightly rose 0.22% or 0.44 points to $196.70 per share.
Still, the company has traded 19.62% or 47.90 points lower since the start of the year.
Joe Rogan released a 10-minute apology video on Instagram. He explained that he is now open to changes to the show, such as booking more mainstream experts.
In addition, he mentioned that he would do more research on specific topics.
Moreover, Rogan praised Spotify for its latest decision to include content advisories to any material mentioning COVID-19.
Recently, the controversial podcaster was under fire with accusations from medical professionals that he has repeatedly spread conspiracy theories about coronavirus.
Then, Spotify has also been in hot water for hosting the podcast. It purchased the streaming rights to “The Joe Rogan Experience” in an agreement worth more than $100.00 million.
Rogan has repeatedly used the platform to discuss the persisting pandemic. He once cited that young, healthy adults do not need to get a shot.
Subsequently, US leading infectious disease expert Dr. Anthony Fauci contrasted the podcaster by emphasizing that everyone needs to get vaccinated.
Spotify Receives Citi Upgrade
Meanwhile, Citi upgraded Spotify from neutral to buy as analysts believed that the platform could improve ad-supported monetization.
Consequently, they forecasted the company to obtain more modest sub growth. The optimistic projection contributed to the recent upturn in the streaming service.
Similarly, tech giant Netflix also received an upgrade. Citi said that the firm has ample pricing power to weather the soaring inflation.
The production business soared 11.13% or 42.78 points to $427.14 per share on Monday’s regular market session.
Likewise, Credit Suisse revamped Tesla to outperform its norm. The investment company noted that the pullback in technology stocks this month sparked a buying opportunity.
The leading electric vehicle maker boosted 10.68% or 90.37 points to $936.72 per share.
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