Spotify Is Greeted by Wall Street With a Swiss Flag, Even Though It’s From Sweden

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Wall Street was prepared for Spotify’s listing on the New York Stock Exchange this morning.

Analysts were ready with their reports. The tech media was closely watching Spotify’s unusual direct listing. Gene Simmons of Kiss appeared on CNBC, representing the skeptical artist position on the streaming economy.

The exchange itself, however, didn’t have things quite right. In a botched attempt at hospitality, the Big Board marked the occasion by flying the red and white flag of Switzerland outside its building at 11 Wall Street — but Spotify has its headquarters in Stockholm, Sweden.

The error was quickly corrected, with a blue and yellow Swedish flag taking the place of the Swiss banner. But by then it was too late — Scandinavian Twitter had captured the mix-up.

A Spotify spokesman confirmed that the mistake had been made but declined to comment.

“We did make a little mistake earlier today,” said Kristen Kaus, a spokeswoman for the New York Stock Exchange.

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The Local SE, an English-language website focused on news of Sweden, reported on the erroneously hoisted flag and said that the confusion of the two countries is not uncommon: “Ask any Swede or Swiss person if they have ever been subject to people confusing their country with ‘that other European country,’ and you will get a lot of nodding heads,” the site reported.

Just after midday, shares began trading. The opening price was $165.90, which, after accounting for stock awards and other factors, valued the company at around $33 billion.

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Article source: https://www.nytimes.com/2018/04/03/business/media/spotify-swiss-banner.html?partner=rss&emc=rss