Spotify Shares Drop 3% Amid Texas Payola Probe

Shares of Spotify fell about 3% on Wednesday after Texas AG Ken Paxton announced a payola investigation into streaming services.
The probe also targets Apple Music, Pandora, Amazon Music and YouTube Music, examining undisclosed payments for playlist or recommendation boosts.
Texas AG issued Civil Investigative Demands to the companies to determine if they violated state law by accepting bribes.