Spotify co-founder and CEO Daniel Ek has bought one other $28 million in SPOT inventory, bringing his complete share gross sales this yr to $248.3 million – up to now.
As Spotify inventory hit file highs this yr, Ek was promoting his holdings within the Sweden-headquartered streaming service in tranches of 75,000 shares. Per an SEC submitting this week, Ek’s newest sale – dated December 11 – was smaller than these earlier gross sales, at 60,000 shares, and it netted him $28.294 million.
Thus far this yr, the Spotify CEO has bought 1,010,000 shares of the corporate he co-founded.
Nevertheless, he stays a significant shareholder. In keeping with a 20-F submitting with the SEC, Ek held 30.86 million shares, or 15.65% of the overall, as of the beginning of 2024. Even after this present wave of promoting, Ek nonetheless holds some 29.85 million shares of Spotify.
Ek’s newest share sale comes within the wake of SPOT hitting an all-time excessive closing worth of $502.38 per share on December 4. That meant the corporate hit a market cap of practically $100.9 billion.
Spotify’s inventory worth has since pulled again considerably, and closed on Wednesday (December 11) at $476.91 per share, with a market cap of round $95.8 billion.
Ek’s newest SEC submitting implies he bought the latest tranche of inventory at $471.58 per share.
Regardless of the droop in current days – doubtless the results of some profit-taking, and never simply by Ek – Spotify’s inventory worth run-up has been nothing in need of epic. As just lately as November 2022, the corporate’s inventory was buying and selling at $77 per share, which means it has jumped 520% in about two years.
A big a part of that run-up happened this yr, as Spotify filed one stable earnings report after one other. The corporate is anticipated to report its first full yr of revenue in 2024.
And Ek hasn’t been the one main determine to make the most of Spotify’s high-flying worth. Actually, co-founder and board member Martin Lorentzon has been the most important vendor this yr, offloading practically 1.49 million shares for $556.77 million.
Right here’s our up to date breakdown of inventory gross sales in 2024 by key people at Spotify:
- Martin Lorentzon, co-founder and board member, bought 1,488,364 shares for $556.77 million.
- Daniel Ek, co-founder and CEO, bought 950,000 shares for $348.293 million.
- Gustav Soderstrom, Spotify’s Chief Product and Expertise Officer, bought 247,465 shares for a complete of $91.1 million.
- Alex Norstrom, Chief Enterprise Officer, bought 188,129 shares for $62.98 million.
- Barry McCarthy, a former CFO of Spotify and a present director on the board, bought 94,250 shares for $39.96 million.
- Katarina Berg, Spotify’s Chief Human Assets Officer, bought 102,491 shares for $37.93 million.
- Paul Vogel, the now-former CFO, bought 77,931 shares for $19.36 million.
- Eve Konstan Mothner, Spotify’s Basic Counsel, bought 16,234 shares for $7.34 million.
- Dustee Jenkins, Chief Public Affairs Officer, bought 13,709 shares for $6.22 million.
- Ben Kung, the corporate’s VP, Monetary Planning and Evaluation, who served as Interim CFO this yr, bought 11,887 shares for $4.81 million.
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