A slew of reports claiming that Spotify has had $2 billion wiped off its market value because of the actions of Neil Young and others in opposing Joe Rogan’s content on the platform are fake news.
Variety and others ran headlines over the weekend like “Spotify Lost More Than $2 Billion in Market Value After Neil Young Pulled His Music Over Joe Rogan’s Podcast.”
As pointed out by many on social media, however, the drop in value of Spotify stock is part of a longer downward trend that started before Neil Young uttered a word about Rogan.
Indeed, Spotify’s stock has actually increased in value since the Neil Young driven backlash.
The writer of the Variety piece even admitted in the article “To be sure, Spotify’s stock price was already on the slide — having plummeted 25% year-to-date as of January 25, the day before Young’s catalog was pulled off Spotify.”
But the majority failed to read beyond the headline, as is the case with most people looking for verification of their own pro-censorship opinions.
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