Spotify CEO Daniel Ek sold another $28.8 million worth of company shares last week, continuing a divestment pattern that has now generated around $807.9 million in proceeds since mid-2023.
The executive offloaded 50,000 shares on Wednesday (April 30) at Tuesday’s closing price of $576.94 per share, according to an SEC filing spotted by MBW.
The transaction marks Ek’s ninth stock sale this year and his 19th since initiating the selling streak in July 2023. Ek has established a biweekly selling pattern in 2025, cashing out about $267.8 million in Spotify stock since January.
His previous transaction on April 16 involved selling 50,000 shares for $28.2 million. The executive has foregone a traditional salary since July 2017, opting instead for a performance-based bonus scheme tied to growth metrics.
- In July 2023, Ek sold 675,000 shares for USD $100 million;
- In October 2023, he sold 400,000 shares for $64.2 million;
- In February 2024, Ek sold 250,000 shares for $57.5 million;
- In April 2024, Ek sold 400,000 shares for $118.8 million;
- In November 2024, Ek sold 75,000 shares for $35.8 million;
- In November 2024, Ek sold another 75,000 shares for $34.8 million;
- In November 2024, Ek sold 75,000 shares again, this time for $36.1 million;
- In December 2024, Ek sold another 75,000 shares for $37 million;
- Also in December 2024, Ek sold 60,000 shares for $28.3 million;
- And again in December, Ek sold 60,000 shares for $27.2 million;
- In January 2025, Ek sold 60,000 shares for $27.8 million;
- Also in January 2025, Ek sold 60,000 shares for $29.3 million;
- In February 2025, Ek sold 60,000 shares for $37.3 million;
- And again in February 2025, Ek sold 50,000 shares for $31.5 million;
- In March 2025, Ek sold 50,000 shares for $29.2 million;
- Also in March 2025, Ek sold 50,000 shares for $28.5 million;
- In April 2025, EK sold 50,000 shares for $27.6 million;
- Also in April 2025, Ek sold 50,000 shares for $28.2 million;
- And again in April 2025, Ek sold 50,000 shares for $28.8 million
Ek’s latest divestment comes as Spotify delivered another quarter of operating profit and subscriber expansion in Q1. Operating profit for the January-March period reached €509 million ($535.6m), which was below SPOT’s guidance of €548 million. Despite missing the target, it still marked the company’s highest quarterly operating profit to date.
Spotify also grew its global Premium Subscriber base to 268 million paying users in Q1 as it added 5 million net subs, beating its own guidance by 3 million. Revenue during the quarter jumped 15% YoY to €4.190 billion ($4.4bn).
Ek told analysts during the company’s earnings call: “There’s a lot of uncertainty in the world. And when volatility rises, it’s natural to ask who might be affected and how. And from where I sit, Spotify is faring better than most.”
During the call, executives revealed that Spotify is still working on a super premium tier, although Ek acknowledged that “we do need the partners to come to the table and be part of this journey.”
Ek was also optimistic that the company can get to 1 billion subscribers in the future. “If you ask me what is the North Star goal here, on how many paying customers we could get, I don’t know, but I don’t see it [as] impossible to get to 1 billion subscribers.”
In terms of pricing, Ek said, “I think the opportunity [in pricing] is big.” Spotify raised the price for its Premium tier in the United States in June 2024, to $11.99. Spotify is also reportedly preparing price increases across a number of markets in Europe and Latin America starting this summer (but not in the US). The platform recently raised subscription rates by up to 22% in Belgium, the Netherlands, and Luxembourg.
Ek still maintains significant control over the streaming giant despite his recent divestments. According to Spotify’s February 20-F filing, he held a 14.3% ownership stake carrying 29.1% voting power as of the end of 2024.
Fellow co-founder Martin Lorentzon has also reduced his holdings, selling $556.8 million in Spotify stock last year through his holding company Rosello Co. Ltd. Collectively, the two co-founders have liquidated approximately $1.37 billion in shares since mid-2023.
On Wednesday, SPOT’s stock price closed 6% higher at $613.98. The current share price is up 119% from a year earlier, and up 34% since the start of the year.
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