: Spotify stock rises after ValueAct takes a stake

Spotify Technology SA shares SPOT were up more than 3% in Friday morning trading after Bloomberg News reported that ValueAct Capital Management has taken a position in the music-streaming company. The report cited comments from ValueAct Chief Executive Officer Mason Morfit at a Columbia University event Friday morning, during which he noted that the company’s operating expenses have “exploded.” MarketWatch has reached out to ValueAct for comment. “We welcome ValueAct as an investor in Spotify,” a Spotify spokesperson told MarketWatch. ValueAct has also become involved in Salesforce Inc. CRM, and Morfit was named an independent director of the company’s board in late January.

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