Spotify co-founder and CEO Daniel Ek has done it again.
According to a recent filing with the U.S. Securities and Exchange Commission (SEC), Ek sold 75,000 shares of Spotify last Wednesday (November 20) for $34.8 millionplus 75,000 shares Dollar $36.1 million Yesterday (November 26th).
Add to $35.8 million The stock sale Ek executed on November 15, his stock sales alone in November amounted to $106.7 million.
In fact, SEC filings show that so far in 2024, Ek has sold 875,000 shares Spotify Total $283 million.
These transactions include $57.5 million Cash out in February, plus $118.8 million Withdrawal in April.
Daniel Ek Of course not the only key figure Spotify Who is selling.
SEC filing examiner global music business Shows the company’s top executives and former top brass have shed huge amounts of debt $1.1 billion The value of Spotify stock since the beginning of the year.
if Spotify non-executive director board of directors If included in the calculation, total cash outlays in 2024 would rise to US$1.14 billion.
of which more than $1.1 billion The largest portion of the stock sale came from Spotify’s Ek co-founder, Martin Lorenson.
We previously reported that Lorentzon sold 959,762 shares on November 13, delivering an impressive result $383.75 million.
but completeness Lorenzo’s Earnings in 2024 are worth watching.
In four transactions since the start of the year (see below), LorenzoThe former Spotify chairman has sold 1,488,364 shares for more than $500 million: $556.77 million.
(Three of the transactions have gone through Lorenztonof Rossello.
Like this, Lorenzo This alone accounts for approximately half the value of the shares sold Spotify This year’s senior executives and board members.
Since early 2024, other key Spotify executives and former executives have also sold significant stakes.
These executive sales (including stock option exercises) include:
- Gustav SoderstromSpotify Chief Product and Technology Officer, sold a total of 247,465 shares $91.1 million.
- Alex NostromChief Commercial Officer, sold 188,129 shares US$62.98 million.
- Barry McCarthySpotify’s former CFO and current board director sold 94,250 shares for 94,250 shares US$39.96 million.
- Katarina BergSpotify HR chief sold 102,491 shares for 102,491 shares US$37.93 million.
- Paul VogelThe current ex-CFO sold 77,931 shares for 77,931 shares US$19.36 million.
- Eve Constant MosnerSpotify’s general counsel sold 16,234 shares for 16,234 shares US$7.34 million.
- Kong BenThe company’s vice president of financial planning and analysis, who served as interim financial chief this year, sold 11,887 shares in 2019 $4.81 million.
- Dusty Jenkinschief public affairs officer, sold 3,310 shares 1 million US dollars.
Spotify’s non-executive board directors have also sold significant stakes in the company this year:
- Shishir Mehrotra 34,216 shares sold $11.7 million.
- Thomas Staggs 15,345 shares sold $6.06 million.
- Ted Sarandos (of Netflix fame) sold 17,710 shares $6.02 million.
- Mona Sutphin 12,802 shares sold $5.2 million.
- Christopher Marshall 10,000 shares sold $3.45 million.
- Heidi O’Neill 4,544 shares sold US$1.56 million.
- Warrior Padmasree 4,651 shares sold $1.42 million.
clearly, Spotify Leadership is taking advantage of a sharp rise in the company’s stock price.
SPOT shares have soared to an all-time high following a string of positive earnings reports this year, including guidance that Spotify will turn a profit for the first time in 2024.
Spotify closed at $476.61 per share on Tuesday (November 26), just below the all-time high $477.50arrived on November 14th.
This gives the company a market capitalization of USD $94.5 billion.global music business
