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Spotify stock closed its first day of trading at $149.01 per share, giving the music streaming giant a market cap of around $26.6 billion. That's well off Spotify's opening price of $165.90 per share, but we didn't see the up-and-down volatility spikes that some had anticipated given that this was a direct listing rather than a traditional IPO.

Bottom line: The process appears to have gone smoothly, which could prompt other well-known private companies to pursue direct listings. It also is the second "unicorn" in the past month to go public at a valuation higher than what it received in the private markets, following Dropbox.

Expand chart
Data: Money.net; Chart: Axios Visuals

Go deeper: Spotify's un-IPO has arrived

Go deeper

6 hours ago - Politics & Policy

Rahm Emanuel floated for Transportation secretary

Rahm Emanuel. Photo: Joshua Lott for The Washington Post via Getty Images

President-elect Biden is strongly considering Rahm Emanuel to run the Department of Transportation, weighing the former Chicago mayor’s experience on infrastructure spending against concerns from progressives over his policing record.

Why it matters: The DOT could effectively become the new Commerce Department, as infrastructure spending, smart cities construction and the rollout of drone-delivery programs take on increasing economic weight.

6 hours ago - Politics & Policy

Biden turns to experienced hands for White House economic team

Illustration: Sarah Grillo/Axios

Joe Biden plans to announce Cecilia Rouse and Brian Deese as part of his economic team and Neera Tanden to head the Office of Management and Budget, sources tell Axios.

Why it matters: These are experienced hands. Unveiling a diverse group of advisers also may draw attention away from a selection of Deese to run the National Economic Council. Some progressives have criticized his work at BlackRock, the world's largest asset management firm.

Biden taps former Obama communications director for press secretary

Photo: Mark Makela/Getty Images

Jen Psaki, who previously served as Obama's communications director, will serve as President-elect Joe Biden's press secretary, the transition team announced Sunday.

The big picture: All of the top aides in Biden's communication staff will be women, per the Washington Post, which first reported Psaki's appointment.