- Spotify just filed the paperwork for its direct public listing.
- Like Snap, Facebook, and other tech companies that have gone the traditional initial public offering route, Spotify engineered a firewall to ensure the founders stay in control.
- Spotify has created a class of "beneficiary certificates" that carry voting power but no economic power.
- Spotify has issued 379.2 million shares to founders Daniel Ek and Martin Lorentzen, giving them over 80% of the voting power.
After a lengthy buildup, Spotify has finally filed for its direct public listing — the unorthodox process that circumvents the traditional Wall Street initial public offering process wherein banks are hired to find buyers for the shares.
Spotify plans to list on the New York Stock Exchange under the ticker "SPOT," according to the company's F-1 filing with the Securities and Exchange Commission.
See the rest of the story at Business Insider
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