Spotify co-founder and CEO Daniel Ek has offered one other $28 million in SPOT inventory, bringing his complete share gross sales this 12 months to $248.3 million – up to now.
As Spotify inventory hit file highs this 12 months, 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 12 months, the Spotify CEO has offered 1,010,000 shares of the corporate he co-founded.
Nonetheless, he stays a serious shareholder. In keeping with a 20-F submitting with the SEC, Ek held 30.86 million shares, or 15.65% of the full, 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 value of $502.38 per share on December 4. That meant the corporate hit a market cap of almost $100.9 billion.
Spotify’s inventory value 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 offered the latest tranche of inventory at $471.58 per share.
Regardless of the hunch in latest days – possible the results of some profit-taking, and never simply by Ek – Spotify’s inventory value run-up has been nothing in need of epic. As lately as November 2022, the corporate’s inventory was buying and selling at $77 per share, that means it has jumped 520% in about two years.
A big a part of that run-up occurred this 12 months, as Spotify filed one stable earnings report after one other. The corporate is predicted to report its first full 12 months of revenue in 2024.
And Ek hasn’t been the one main determine to reap the benefits of Spotify’s high-flying value. The truth is, co-founder and board member Martin Lorentzon has been the biggest vendor this 12 months, offloading almost 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, offered 1,488,364 shares for $556.77 million.
- Daniel Ek, co-founder and CEO, offered 950,000 shares for $348.293 million.
- Gustav Soderstrom, Spotify’s Chief Product and Know-how Officer, offered 247,465 shares for a complete of $91.1 million.
- Alex Norstrom, Chief Enterprise Officer, offered 188,129 shares for $62.98 million.
- Barry McCarthy, a former CFO of Spotify and a present director on the board, offered 94,250 shares for $39.96 million.
- Katarina Berg, Spotify’s Chief Human Sources Officer, offered 102,491 shares for $37.93 million.
- Paul Vogel, the now-former CFO, offered 77,931 shares for $19.36 million.
- Eve Konstan Mothner, Spotify’s Common Counsel, offered 16,234 shares for $7.34 million.
- Dustee Jenkins, Chief Public Affairs Officer, offered 13,709 shares for $6.22 million.
- Ben Kung, the corporate’s VP, Monetary Planning and Evaluation, who served as Interim CFO this 12 months, offered 11,887 shares for $4.81 million.
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