Spotify CEO and co-founder Daniel Ek cashed out a further $29.3 million in company shares on Wednesday (January 22), marking his latest in a series of stock transactions since mid-2023.
The sale comes amid Spotify’s continued stock market success, with shares recently hitting historic highs.
Ek’s most recent transaction involved 60,000 shares sold at Tuesday’s (January 21) closing price of $487.51 per share, according to an SEC filing spotted by MBW. As of Wednesday, Spotify’s market capitalization exceeded $100 billion.
This sale follows another substantial transaction just two weeks earlier, when Ek cashed out $27.8 million in shares on January 8, bringing his total stock sales for 2025 to $57.1 million.
The pattern of stock sales by the Spotify boss began in July 2023. Since then, Ek has accumulated about $597.3 million from share sales, including this week’s transaction, based on MBW calculations. In 2024 alone, Ek sold $376 million worth of Spotify shares.
Ek’s latest share sale marks the twelfth time since July 2023 that he has cashed out some of his Spotify stock:
- In July 2023, Ek sold 675,000 shares for USD $100 million;
- In October 2023, he sold 400,000 shares for $64.2 million;
- In February 2024, Ek sold 250,000 shares for $57.5 million;
- In April 2024, Ek sold 400,000 shares for $118.8 million;
- In November 2024, Ek sold 75,000 shares for $35.8 million;
- In November 2024, Ek sold another 75,000 shares for $34.8 million;
- In November 2024, Ek sold 75,000 shares again, this time for $36.1 million;
- In December 2024, Ek sold another 75,000 shares $37 million;
- Also in December 2024, Ek sold 60,000 shares for $28.3 million;
- And again in December, Ek sold 60,000 shares for $27.7 million;
- In January 2025, Ek sold 60,000 shares for $27.8 million.
Combined with this week’s $29.3 million cash-out, that all comes to $597.3 million.
The timing of Ek’s stock sales appears strategic, taking advantage of Spotify’s strong market performance. The streaming giant’s share price has grown significantly since its IPO, nearly tripling in value over the past six years.
On Wednesday (January 22), SPOT closed 1% higher to $493.6 on the NYSE, up 140% over the past year and 197.5% higher than its opening price of $165.90 when it floated in April 2018.
Since July 2017, Ek has forgone a traditional salary in favor of a performance-based bonus scheme tied to growth metrics.
MBW has also been tracking share sales from Spotify co-founder, Martin Lorentzon. Lorentzon sold $556.8 million in company shares throughout 2024, owned primarily through his holding company Rosello. Lorentzon, however, paused his divestments in December 2024 and this month.
Company filings reveal the co-founders’ significant ongoing influence: Ek maintained a 15.6% ownership stake with 30.5% voting power, while Lorentzon, who serves as a board director, held 10.9% of shares with 42.7% voting control as of December 31, 2023.
The stock sales come as Spotify strengthens its position in the streaming industry. Its recent initiatives include major investments in podcasts and audiobooks, alongside videos, as the company explores additional revenue channels.
Spotify is set to publish its Q4 2024 financial results on February 4. The company’s Q3 guidance projected quarterly revenues of EUR €4.1 billion (USD $4.3 billion) and an operating profit of €481 million for Q4. If these targets are met, Spotify will have achieved annual revenues of approximately €15.5 billion and an operating profit of €1.37 billion for 2024.
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