Spotify co-founder and CEO Daniel Ek sold an additional $28 million in SPOT stock, bringing his total stock sales this year to $248.3 million — so far.
As Spotify shares hit record highs this year, Ek sold his 75,000 shares in the Sweden-based streaming service in tranches. According to an SEC filing this week, Ek’s most recent sale of 60,000 shares on Dec. 11 was smaller than his previous sales and made him a lot of money $28.294 million.
So far this year, Spotify CEO has sold 1,010,000 shares in the company he co-founded.
However, he remains a major shareholder. According to a 20-F filing with the SEC, Ek holds 30.86 million As of early 2024, it accounts for 15.65% of the total. 29.85 million Spotify stock.
Ek’s latest stock sale comes after SPOT hit all-time high closing price $502.38 Earnings per share on December 4. $100.9 billion.
Spotify’s stock price has since fallen back, closing at $476.91 per share, with a market capitalization of approx. $95.8 billion.
Ek’s latest SEC filing suggests he sold his latest batch of shares at $471.58 per share.
While the share price has plummeted in recent days — likely the result of some profit-taking, not just Ek’s — Spotify’s share price gains have been staggering. As of November 2022, the company’s stock is trading at $77 per share, meaning it has risen 520% In about two years.
A big part of that growth happened this year, with Spotify turning in one solid profit report after another. The company is expected to report its first full year of profit in 2024.
Ek isn’t the only major figure cashing in on Spotify’s high prices. In fact, co-founder and board member Martin Lorenson It is the largest seller this year and has uninstalled nearly 1.49 million The shares are $556.77 million.
Here’s the latest breakdown of 2024 stock sales by key Spotify players:
- Martin LorensonCo-founder and board member, sold 1,488,364 shares $556.77 million.
- Daniel EkCo-founder and CEO, sold 950,000 shares US$348.293 million.
- 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 general counsel sold 16,234 shares for 16,234 shares US$7.34 million.
- Dusty Jenkinschief public affairs officer, sold 13,709 shares $6.22 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 US$4.81 million.
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