When Wall Street confuses red and blue.
Yesterday, Tuesday, April 4th, Spotify successfully made its highly anticipated debut on the stock market. As the leading player in music streaming, the company did, however, experience a slight 10% drop in its stock price on its first day of trading. Nothing to worry about in a context where all digital players are seeing their stocks plummet (Snapchat, Facebook, etc).
To celebrate this spectacular market entry, Wall Street wished to pay tribute to Sweden, where the concept originated, by hoisting the national flag on the building’s facade. Except that instead of the Swedish flag, passersby were treated to the sight of the Swiss flag!
Fortunately, this blunder was quickly corrected, and the Swedish flag was soon proudly flying on the building’s facade.