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Spotify's $8 Billion Rally Is Attracting Loads of Hedge Funds

A man checks his smartphone whilst standing amongst illuminated screens bearing the Spotify Technology SA logo.

A man checks his smartphone whilst standing amongst illuminated screens bearing the Spotify Technology SA logo.

Photographer: Chris Ratcliffe/Bloomberg

Spotify Technology SA, the music-streaming company that’s gained 47 percent since its April debut, attracted a number of prominent hedge funds in the second quarter.

Philippe Laffont’s Coatue Management, George Soros’s Soros Fund Management and Louis Bacon’s Moore Capital Management were among funds that held the stock as of June 30, according to filings released Tuesday. Tiger Global Management, an investor in Spotify before its direct listing, also counted the stock as its biggest investment in the second quarter with a 7.2 percent stake valued at $2.15 billion as of the filing date.