Epstein Secrets

$125 • 1/1/18 to 2/22/18: $90 to $132.50 =excl Tencent transaction) o At high end of recent trading, =mplies mkt cap $268+ (very rough estimate). Bull/Bear Views • Bull Argument for =tock to go $30B+. The model is not =etflix, it's like EBay or GrubHub. Company isn't =bout owning content — they're just taki

t Music =ntertainment & Tencent (holding for at least 3 yrs), who own =7.5% Majority Ownership by Founders - =aniel Elk controls 37.3% of shares and Martin Lorentzon controls 43.1% =f shares • There is language about =eneficiary shares that may be issued to founders on top of shares, but =ould be dilutive and

own New Music =amp; Back Catalog — Distribute thru Spotify & Apple Music =o Consumers — key question is how does Spotify gain control =ver supply? Bull/Bear Views • Bull o Spotify becomes the Netflix of =usic by becoming a record label owning exclusive content — not =he case today and likely cash intensive

nment & Tencent (holding for at least 3 yrs from 12/15/17), =ho own - 7.5% Majority Ownership by Founders - =aniel Elk controls 37.3% of shares and Martin Lorentzon controls 43.1% =f the vote. Both founders control 21% of the ordinary shares =utstanding There is language about =eneficiary shares that may be iss

abels own New Music & Back Catalog — Distribute thru Spotify & Apple Music to Consumers — key question is how does Spotify gain control over supply? Bull/Bear Views * Bull o Spotify becomes the Netflix of music by becoming a record label owning exclusive content — not the case today and likely cash intensive

ent & Tencent (holding for at least 3 yrs from 12/15/17), who own —7.5% • Majority Ownership by Founders - Daniel Elk controls 37.3% of shares and Martin Lorentzon controls 43.1% of the vote. Both founders control 21% of the ordinary shares outstanding • There is language about beneficiary shares that may be