Tech

NYSE says it briefly flew a Swiss flag to honor Spotify — which is a Swedish company

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Key Points
  • Spotify, which is headquartered in Stockholm, is expected to start trading on Tuesday under the symbol "SPOT."
  • The New York Stock Exchange briefly posted a Swiss flag on Tuesday in honor of Spotify's public offering — even though the company is based in Sweden.
  • The NYSE acknowledged the error and corrected it.
The Spotify logo hangs on the facade of the New York Stock Exchange with U.S. and a Swiss flag as the company lists its stock with a direct listing in New York, April 3, 2018.
Lucas Jackson | Reuters

The New York Stock Exchange briefly posted a Swiss flag on Tuesday in honor of Spotify's public offering — even though the company is based in Sweden, not Switzerland.

Tweet: In an attempt to honor Swedish Spotify going public, the New York Stock Exchange of course puts up a Swiss flag.

The NYSE acknowledged the flub on Twitter and in a light-hearted statement to CNBC. The error was corrected, and most pictures captured by official photographers show American flags.

Pedestrians walk past a banner with the Spotify logo on the New York Stock Exchange, April 3, 2018.
Lucas Jackson | Reuters

"It was a momentary ode to our neutrality in the process of price discovery," a reference to Switzerland's reputation for neutrality in foreign military conflicts. Mixing up Sweden and Switzerland has been publicized as a common irk for citizens of the countries.

Tweet from NYSE: We hope everyone enjoyed our momentary ode to our neutral role in the process of price discovery this morning

Tweet

As the NYSE implied, the process of price discovery for Spotify's shares has been in the spotlight. The company is not engaging in the traditional roadshow with major investors, which usually helps gauge a more formal baseline price before the stock is offered to the public.

Spotify, which is headquartered in Stockholm, is expected to start trading on Tuesday under the symbol "SPOT."