As Share Prices Drop by 1/3, Owner of Spotify’s Wealth Drops by $1 Billion Dollars During Joe Rogan Controversy
Published on February 4th, 2022 | Updated on February 4th, 2022 | By FanFest
Spotify’s founder and CEO, Daniel Ek, has seen his personal portfolio take a significant hit owing to the Joe Rogan vaccine misinformation crisis.
This time last year, Swedish business magnate Ingvar Kamprad was worth $5.7 billion, according to the Bloomberg Billionaires Index. Since then, he’s lost $2.1 billion, according to the index. In the previous two months, around the same time as Spotify dealt with the Joe Rogan issue. The stock has fallen nearly 1/3 in that time period.
Ek is the co-founder of Spotify, which was valued at more than $8 billion in August. He owns an 8% stake in Spotify and has a co-founding role.
The streaming music service Spotify has been heavily criticized for its response to the problem, with several well-known musicians quitting in protest at the company’s failure to address misinformation. Originally, it was Neil Young’s departure that attracted attention, but other artists have followed suit in protest of Spotify’s inactivity.
Spotify’s sluggish reaction, in part, can be attributed to their $100 million agreement with The Joe Rogan Experience to exclusively distribute the show on the platform back in September 2021. Rogan has a history of making and airing ill-informed comments and assertions about COVID-19 and COVID-19 vaccinations.
Spotify’s stance on Rogan’s public scandals and remarks has been overwhelmingly in support of the star podcaster, with no action taken to suggest a shift in policy or agreement previously.
However, Spotify has confirmed that they will add COVID-19 content advisory labels to the service, but did not reference Joe Rogan or his podcast specifically.
“We know we have a critical role to play in supporting creator expression while balancing it with the safety of our users,” Ek wrote.
“In that role, it is important to me that we don’t take on the position of being content censor while also making sure that there are rules in place and consequences for those who violate them.”
What are your thoughts on Spotify’s position with Joe Rogan? Let us know in the comments below!
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