Spotify shares surpass $400 for the first time, boosting company valuation to $80 billion

Spotify's stock closed above $400 for the first time on November 8, reaching $400.68 and valuing the company at nearly $80.5 billion. This marks a significant increase of 113% in 2024, surpassing Universal Music Group as the most valuable music company. The rise in Spotify's shares follows a broader market boost after the recent U.S. elections and a Federal Reserve interest rate cut. The Nasdaq and S&P 500 also reached record highs, reflecting overall investor optimism. Other music stocks saw gains as well, with iHeartMedia up 16.7% after announcing debt restructuring plans. K-pop stocks surged despite profit declines, as investors reacted positively to upcoming releases and new group announcements.