These days, what happens in China echoes from Stockholm to Los Angeles. Tencent Music’s share price, which hit an all-time high on March 23, fell a whopping 74.6% as of Aug. 23, wiping out $40.1 billion of market capitalization. Among its major shareholders is Spotify, which in December 2017 acquired an 8.4% stake in the company that has dropped in value by $3.6 billion in roughly five months.
Source: How Tencent Music’s Problems Ripple Through the Business Worldwide