The daily business briefing: January 4, 2018

Spotify reportedly files to start selling stock on the NYSE, Tesla reports lower-than-expected Model 3 delivery numbers, and more

The Spotify logo at a conference in NYC
(Image credit: EMMANUEL DUNAND/AFP/Getty Images)

1. Spotify reportedly files to go public

Music-streaming company Spotify has confidentially filed to make an initial public offering of stock for sale on the New York Stock Exchange, several news outlets reported Wednesday. The move will mark a high-profile test of a technique letting companies list shares without raising money through a traditional IPO. Spotify, with a value estimated around $15 billion, would be the biggest company yet to try such a direct listing, which will let early stakeholders start trading their shares on an exchange. With income from more than 60 million paying subscribers, Spotify doesn't need to raise extra cash and can afford to go this route to avoid underwriting fees, restrictions, and the dilution of its investors' and executives' holdings.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.