A Goldman Sachs (GS) - Get Report hedge fund, Goldman Sachs Investment Partners, quietly sold its $75 million stake in music streaming service Spotify in recent weeks as shareholder demand grows ahead of Spotify's expected IPO, Sky News reported.
GSIP offloaded "less than half" of its Spotify shares, or about 24,000 each sold for around $3,100. The sale could garner investor attention, as Goldman has helped Spotify finance itself as a private company as it prepares to go public with a valuation expected to exceed $10 billion.
Spotify has an active private market for its stock. Shares have traded higher over recent months, with sources suggesting recent values of $3,400 per share.
More of What's Trending on TheStreet:
- The Stock Market's Sell-Off Spreads Across the Globe -- The Latest
- Amazon Is Absolutely 'Doing Great Damage.' Duh, Mr. President, That's Business
- You Can't Price in Pure Mass Chaos: Market Recon
- Apple Should Be Terrified By How Much Samsung Is Spending on Its Future