Spotify Head Daniel Ek Sells $100m of Company Stock
Spotify is at the forefront of music streaming, having been one of the pioneers of the industry since the company launched its service in 2008. The lofty status they’ve achieved comes with plenty of outside attention, both on the company and it’s leader, Daniel Ek, who has just sold a little over $100 million worth of Spotify stock.
A Securities and Exchange Commission filing reveals that Ek, founder and CEO of Spotify, sold 675,000 shares (totaling $100,001,250) on Thursday, July 27th. The move comes a year after Ek purchased $50 million of the company’s stock using his own money. He explained the move on Twitter:
“I’ve always been vocal about my strong belief in Spotify and what we are building. So I am putting that belief into action this week by investing $50M in $SPOT. I believe our best days are ahead…”
The file lists D.G.E. investments- a Cyprus-based company indirectly controlled and owned by Ek- as the seller of the shares. The company’s stock has been enjoying a steady increase in value during 2023, with the price of shares increasing from just over $80 at the beginning of the year to almost $150 as of the time of writing.
Daniel Ek has long been a highly influential figure- Billboard went so far as to name him the most powerful man in the music industry back in 2017. He has yet to comment on the sale.
Image credit: Magnus Höij (Wikimedia Commons)
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