Senior executives and board members at Spotify Technology SA (NYSE:SPOT) have sold $1.25 billion worth of stock in 2024, capitalising on a sharp rise in the company’s share price, according to the Financial Times and other outlets.
Among the largest sellers were co-founders Daniel Ek and Martin Lorentzon, who collectively cashed out $900 million.
Spotify shares, listed on the New York Stock Exchange, have nearly tripled this year, pushing the company’s market capitalisation to around $100bn. This marks a dramatic recovery from lows in 2022 and 2023 when the group was valued below $20bn.
Ek sold nearly $350 million in shares, while Lorentzon sold more than $550 million.
Other top executives, including chief product officer Gustav Söderström and chief HR officer Katarina Berg, also sold significant stock holdings.
Spotify’s profits, achieved through cost-cutting and price increases, have driven renewed investor confidence.