Spotify stock price is soaring.
Shares of SPOT soared on the NYSE to close at an all-time high after the company reported its third quarter 2024 results on Tuesday (November 12). USD $477.50 Yesterday (November 14th).
it was settled again $458.32 The deal closed today (November 15), but it was still enough to secure a massive market cap for Spotify. $92 billion.
Surprisingly, some Spotify’s Top shareholder executives took advantage of this market capitalization growth by cashing out some of their shares.
That executive team includes Spotify’s co-founder and CEO. Daniel Eck.
Ek has been sold, according to SEC filings discovered by MBW. 75,000 Spotify is offering stock today (November 15th) to cash out. $35.8 million.
This move is the fifth in the past 18 months. Eck I cashed some of his money Spotify inventory:
In these five transactions (including today), Ek cashed out approx. $376.3 million In Spotify stock since last summer.
However, SPOT stock’s biggest single cash outflow did not come from: Eck – This is from his co-founder. Spotify.
Separate SEC filings were discovered. MBW It is confirmed that you registered this week Rosello Company Co., Ltd. sold 959,762 Stocks for Wednesday (November 13th).
Those sales generated huge profits. USD 383.75 million Proceeds from Rosello.
Rosello is a Cypriot registered holding company owned by: AlmateaIt is a Luxembourg-based company whose sole shareholder is the Spotify co-founder (and former chairman of the company). Martin Lorenzon.
Lorenzon/Rosello previously withdrawn in cash $81 million to Spotify This is in stock for June of this year.
It’s over $450 million Lorentzon cashed it out within five months. If you can get it, great.
Daniel Eck It was the single largest shareholder. Spotify As of the end of 2023, ownership/representative ownership held 30.86 million people The company’s common stock or 15.6% Of the total, according to SEC filings.
but, Eck He held this stock through his shares. Governor-Elect Investment vehicles, especially 30.86 million people is 16.632 million people Last owned stock Tencent Holdings that Eck/DGE Represents via “irrevocable proxy”.
If you discount Tencent stock, ex As of December 2023, ultimate individual ownership of SPOT’s common stock is as follows: 14.224 million shares (With warrants) The cumulative value will be higher in terms of Spotify’s current stock price. $6.5 billion At the time this article was published.
Spotify is on track for its first profitable year ever.
Annual operating profit is expected to reach $1.5 billion in 2024, according to the company’s filed third-quarter results (and fourth-quarter forecast).
Spotify’s global premium subscriber base has grown to just over 2.5 billion. (252 million) Third quarter paid users.
That was it 12% Yoi, and up to 6 million net The subscriber 246 million Subscribers as calculated by SPOT at the end of the previous quarter (Q2 2024).
The company’s net subscriber count increased by 6 million in the third quarter. 1 million We are awaiting guidance.worldwide music business
