last week, MBW Spotify’s key executives reported selling about $1.16 billion worth of the company’s stock so far this year amid a surge in the streaming service’s stock price, which has outpaced the value of Universal Music Group, the world’s largest music company, by more than 2-1.
Later co-founder and CEO Daniel Eck This time I sold another stock. $37 millionaccording to To submit documents We work with the U.S. Securities and Exchange Commission (SEC).
Ek has been selling 75,000 shares in batches, and the prices he has received suggest that Spotify’s market value is rising rapidly.
The sale of 75,000 shares registered on November 20 hit Ek. $34.8 million. Six days later he sold it again for the same amount. $36.1 million. His latest sale of 75,000 shares took place. $36,999,000.
Ek has been sold so far this year 950,000 Spotify’s stock totals just below that. $320 million.
The past few years have been pretty rough for Spotify investors. After reaching the lowest point in November 2022, $77 Shares per share – at an all-time low since the company’s IPO in 2018 – have seen the stock rebound steadily since then.
That rebound has turned parabolic this year amid solid earnings reports and expectations that 2024 will be the streaming service’s first full year of profitability.
On Wednesday (December 4), Spotify closed above $500 per share for the first time. $502.38To be exact, it increased by about 550% in two years. On Thursday (December 5), some of those gains were trading at around $490 at midday.
This roughly reduces Spotify’s market capitalization. $98 billionmore than double $45.2 billion market capitalization universal music group.
Ek isn’t the only company selling Spotify stock heavily during the rally. In fact, co-founder and board member Martin Lorenzon We sold some and won first place in this race. 1.49 million a huge amount of stocks $556.77 million since the beginning of the year.
Here’s an update on 2024 stock sales from Spotify’s key figures:
- Martin LorenzonCo-founder and board member sold 1,488,364 shares $556.77 million.
- Daniel EckCo-founder and CEO sells 950,000 shares $319.999 million.
- Gustav SoderstromSpotify’s chief product and technology officer sold a total of 247,465 shares. $91.1 million.
- Alex NordstromChief Business Officer (CEO) sold 188,129 shares $62.98 million.
- Barry McCarthySpotify’s former CFO and current board member, sold 94,250 shares. $39.96 million.
- katarina bugSpotify’s Chief Human Resources Officer sold 102,491 shares. $37.93 million.
- Paul VogelNow the former CFO has sold 77,931 shares. $19.36 million.
- Eve Constant MosnerSpotify’s general counsel sold 16,234 shares. $7.34 million.
- Dusty JenkinsChief Public Affairs Officer, Sales 13,709 stock for 6.22 million dollars.
- Ben KungThe company’s vice president of financial planning and analysis, who also served as interim CFO this year, sold 11,887 shares. $4.81 million.
worldwide music business
