Spotify shares dropped 8.8% Wednesday (Sep. 2) morning, shaving as much as $4.81 billion of its value, following a report Joe Rogan’s back catalog debuted on the platform Tuesday without episodes by right-wing personalities. The closing price of $275.62 marked a 5.5% drop from Tuesday’s close. As the trading day heats up on Thursday, the price is hovering around $269.50.
Rogan -- podcaster, comedian and commentator on UFC’s mixed martial artist telecasts -- debuted on Spotify on Tuesday, nearly five months after signing a $100 million deal in May that gives Spotify a worldwide exclusive -- but not ownership -- of his popular podcast, The Joe Rogan Experience. His podcast was not available on Spotify until Tuesday. Come Tuesday, not all of his prior podcasts showed up.
Among the guests Spotify left out are politically far-right guests such as Alex Jones, Milo Yiannopoulos, Charles C. Johnson and Gavin McInnes, as well as comedian Chris D’Elia, charged by five women for alleged sexual harassment and improprieties. Jones's and Yiannopoulos's reputation precedes them as both are banned from both Twitter and Facebook for abusive behavior. News of the missing podcast was first reported by Entertainment Weekly. Spotify did not respond to Billboard’s request for comment.