Spotify Execs Sell $550M in Shares as Stock Hits Record High, Co-Founder Cashes Out $383M
Spotify executives have collectively sold over $550 million worth of company stock, with co-founder Martin Lorentzon leading the sales at approximately $383 million. The sales coincide with Spotify's stock (SPOT) trading near record highs of around $460 per share, representing a 150% increase from November 2023.
Daniel Ek, Spotify CEO speaking
Key Stock Sales (November 13-15):
- Martin Lorentzon (Co-founder): $383.7 million (959,762 shares)
- Daniel Ek (CEO): $35.8 million (75,000 shares)
- Gustav Söderström (CTO): $38.4 million (79,888 shares)
- Katarina Berg (CHRO): $22.3 million (46,545 shares)
- Barry McCarthy (Director): $30 million (64,400 shares)
- Alex Norstrom (CBO): $18 million (39,911 shares)
These sales come as Spotify continues to diversify beyond music into podcasts, audiobooks, and video content. The timing is notable as the company reports strong Q3 earnings while major music labels experience declining share prices, with Universal Music Group showing double-digit decreases in 2024.
The company's strategic shift toward non-music content has already resulted in significant cost savings, including over $100 million from audiobook bundles that would have otherwise gone to songwriters and publishers. This diversification strategy, while beneficial for Spotify's bottom line, raises questions about the long-term implications for the music industry.
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