Deezer's trading debut via SPAC sees stock plunge 30%

The stock price of Deezer, the Paris-based global music streaming platform, slumped more than 30% during its debut on the Euronext on Tuesday.

Why it matters: While Deezer's SPAC merger successfully closed with I2PO, it remains to be seen if going public was the best move for the music streaming business.

Details: Deezer's stock price on Tuesday opened at €8.50 and closed at €6.

• Its largest shareholder is Access Industries with 38.06%, followed by French telecom giant Orange and Saudi Arabia's Kingdom Holding Co., according to Deezer.
• "Deezer's unique positioning as an independent innovator promoting third-party audio content and music in an expanding market make us very optimistic for its future," Deezer's board chair Guillaume d'Hauteville said in a statement.

Yes, but: Deezer has many competitors in music streaming, and it owns just 2% of the global market, according to MIDiA Research.

Of note: Spotify's stock is down 60% over the past year.

See also: Deezer's SPAC values music streaming service at $1.1B