With podcaster Joe Rogan refusing to buckle to cancel culture and the calls for him to be de-platformed for supposedly spreading misinformation, Spotify has found itself at the center of controversy when legendary musician Neil Young demanded they cancel Rogan or he would remove his music. Just like Rogan, Spotify did not back down, leading to Young to remove his songs and for some fans to even cancel their subscriptions. But while there has definitely been some backlash, the mainstream media was caught suggesting Spotify lost $2 billion in market value due to backing Rogan. Although Young might be missed on Spotify, $2 billion is a little generous. 

On Saturday, Variety ran the eye-popping headline “Spotify Lost More Than $2 Billion in Market Value After Neil Young Pulled His Music Over Joe Rogan’s Podcast”. It wouldn’t be just Variety as several other publications also followed suit and reported on the massive loss. But apparently, the losses reported weren’t necessarily due to Young and Rogan. 

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Mediaite journalist John Ziegler pointed out the absurdity of the headline, tweeting, “This is cherry-picked bullsh*t. The market in general was way down this week, but in the last two days of trading, since they announced Young was gone and Rogan is staying, their stock is actually up slightly. You moronic hacks have no shame!” Ziegler accompanied the message with a chart detailing the stock situation. 

This is cherry-picked bullshit. The market in general was way down this week, but in the last two days of trading, since they announced Young was gone and Rogan is staying, their stock is actually up slightly.

You moronic hacks have no shame! pic.twitter.com/duTagP9uRe

— John Ziegler (@Zigmanfreud) January 29, 2022

It wasn’t just Ziegler as another user wrote, “You mean Spotify stock is down, kinda like the entire NASDAQ is down 20% in the same time frame? Is that Rogan’s fault as well? Critical thinking fail. But then again you weren’t really thinking at all, were you?” 

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One user mentioned how Tesla also saw a dip. “The whole market was down this past week. Did Tesla’s stock also dip because a misguided old man pulled his music from Spotify?”

While the media outlets might weigh in on the matter, the facts are – Rogan hosts the number one podcast on Spotify and has a multi-year deal for over $100 million.