December 9, 2023

PARIS – Shares of French music streaming service Deezer plunged on its first trading day, a new sign of the challenging environment facing start-ups and money-making companies.

The Paris-based competitor to music streaming services including Spotify Technology SA saw its shares fall more than a quarter on Tuesday, the company’s first day on the Paris Stock Exchange. The pullback, down more than 30% at one point, came after the company struck a SPAC deal in April worth nearly $1.1 billion.

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