Spotify shares open for trading at $165.90

NEW YORK (Reuters) - Spotify shares began trading on the New York Stock Exchange on Tuesday with an opening price of $165.90 per share.

The streaming music leader has structured the stock market listing to allow existing investors to sell directly to the public while offering no shares of its own, in a test case being closely watched by other well-funded multibillion-dollar tech companies with no immediate cash-raising needs.

(Reporting by Chuck Mikolajczak; editing by Jonathan Oatis)