Spotify Executives Sell $550M in Shares as Stock Hits Record High, Co-Founder Lorentzon Cashes Out $383M
Several Spotify executives have sold over $550 million worth of company stock amid record-high share prices, with co-founder Martin Lorentzon leading the selloff with a $383 million transaction.
Daniel Ek, Spotify CEO speaking
The sales occurred between November 13-15, as Spotify's stock approached $490 per share, representing a 150% increase from the previous year. CEO Daniel Ek sold $35.81 million worth of shares, while other executives and board members also made significant transactions.
Key Stock Sales:
- Martin Lorentzon (Co-founder): $383.75 million (959,762 shares)
- Daniel Ek (CEO): $35.81 million (75,000 shares)
- Gustav Söderström (CTO): $38.44 million (79,888 shares)
- Katarina Berg (Chief HR): $22.35 million (46,545 shares)
- Barry McCarthy (Director): $29.97 million (64,400 shares)
These sales coincide with Spotify's strategic shift beyond music into podcasts, audiobooks, and video content. The timing is notable as the company's diversification efforts have resulted in significant cost savings, particularly in audiobook licensing, while major music labels experience declining share prices.
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