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Shares of Jay Z’s Stream App Tidal spiked 938% on Tuesday

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The other day Jay Z launched the new streaming music app called Tidal  and now it has spiked 938% on Tuesday, earlier in March, Jay Z bought a majority of Aspiro for $54 million.

From Reuters:

In what appeared to reflect investors clamouring too late for a piece of Aspiro’s music streaming service Tidal, the shares were up 938 percent at 11 Swedish crowns just before trading was halted …

The event is likely to have spurred interest in Aspiro’s stock, lifting it to a level where buyers looked set to face losses of some 90 percent given the looming squeeze-out of the rump left after Jay-Z’s $54 million acquisition of the company. Those remaining shares will be bought at 1.05 crowns each.

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