Spotify CEO Daniel Ek Sells $100 Million of Company Stock

Daniel Ek, the CEO and founder of Spotify, recently made headlines as he sold a little over $100 million worth of Spotify stock. According to a filing with the Securities and Exchange Commission, Ek sold 675,000 shares on July 27th.

This move comes a year after Ek invested $50 million of his own money to purchase the company’s stock. At the time of the stock sale, the value of Spotify shares had been steadily increasing throughout 2023, rising from around $80 at the beginning of the year to nearly $150.

In the past, Ek has been vocal about his confidence in Spotify and its future. Last year, he tweeted, “I’ve always been vocal about my strong belief in Spotify and what we are building. So I am putting that belief into action this week by investing $50M in $SPOT. I believe our best days are ahead…”

The shares were sold by D.G.E. investments, a Cyprus-based company indirectly controlled and owned by Ek. As the CEO of Spotify and a highly influential figure in the music industry, Ek’s actions are closely watched by investors and industry insiders.

As of now, Daniel Ek has not commented on the recent stock sale. The move has sparked interest and speculation about the company’s future and Ek’s belief in Spotify’s continued success.