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As Spotify’s success soars, executives cash in with massive stock sales.

Spotify Executives Cash Out Amid Record Highs

According to the Securities and Exchange Commission (SEC), Spotify’s co-founder and CEO, Daniel Ek, sold more than $106.7 million worth of stock in November alone. Two major transactions, on November 20 and November 26, account for $34.8 million and $36.1 million, respectively.

These sales bring Ek’s total 2024 stock sales to a staggering $283.0 million. Not taking a salary since 2017 and ranking among the lowest-paid tech CEOs last year, Ek is now capitalising on the company’s success. His decision to do so aligns with the company’s exceptional financial performance this year.

Ek isn’t alone. Other Spotify execs and former board members have sold shares totaling $1.10 billion in 2024, a figure that rises to $1.14 billion when including non-executive board director sales. Notably, Spotify co-founder and former chairman, Martin Lorentzon, contributed significantly to this total, selling $383.75 million worth of stock in mid-November. This brings his total sales to $556.77 million for the year, nearly half of the year’s total executive stock sales.

Record Highs

Spotify’s stock price reflects this momentum, closing at $476.61 per share on November 26, falling just short of its all time high reached of $477.50 achieved earlier this month. This financial surge follows strong earnings reports throughout the year, with Q3 results indicating the company is on track to achieve its first-ever profitable year.

“We’ve never been in a stronger position, thanks to the outstanding execution by our team. I’m incredibly proud of the way we’ve delivered and the progress we’ve made”

Spotify Co-founder & CEO, Daniel Ek, commenting on Spotify’s achievements

These impressive results are echoed in Spotify’s global Premium Subscriber numbers, which have surpassed a quarter of a billion users- a 12% increase from the same point last year. This growth highlights the ever-growing reach of music streaming, signalling the transformative era for the industry.