last week, MBW Spotify’s top executives have reportedly sold about $1.16 billion worth of company stock so far this year, with a rise in stock prices that has made the streaming service worth more than Universal Music Group, the world’s largest music company The value increased by more than two to one.
Since then, Co-Founder and CEO Daniel Ek Another tranche of shares has been sold, this time at just a fraction of the price $37 millionAccording to documents filed with the U.S. Securities and Exchange Commission (SEC).
Ek has been selling a massive 75,000 shares, and the price he received speaks volumes about Spotify’s rapid rise in market value.
Registered sale of 75,000 shares on November 20, net profit Ek $34.8 million. Six days later, he sold the same amount again, this time $36.1 million. He recently sold 75,000 shares US$36.999 million.
So far this year Ek has sold 950,000 Spotify stock, totaling just under US$320 million.
Investors in Spotify have had a bad experience over the past few years. After hitting the lowest level in November 2022, as follows $77 Earnings per share hit an all-time low since the company’s IPO in 2018, and the stock has been steadily rebounding since then.
This year’s rebound has been parabolic, driven by solid earnings reports and expectations that 2024 will be the streaming service’s first full year of profit.
On Wednesday (December 4), Spotify closed above $500 per share for the first time—— $502.38To be precise, it’s up about 550% in two years. The stock gave back some of its gains on Thursday (December 5) and was trading around $490 at midday.
This gives Spotify a market capitalization of approximately $98 billionmore than twice $45.2 billion market value universal music group.
Ek isn’t the only one to sell off Spotify stock heavily during the stock market rally. In fact, co-founder and board member Martin Lorenson Get first place in this contest and sell some 1.49 million The stock price is as high as $556.77 Since the beginning of the year, it has reached one trillion yuan.
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$319.999 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 $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 $7.34 million.
- Dusty JenkinsChief Public Affairs Officer, For Sale 13,709 The shares are $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 for 11,887 shares. $4.81 million.
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