Spotify CEO Daniel Ek sold another $28.2 million worth of company shares this week, extending a selling pattern that has netted him more than three-quarters of a billion dollars since mid-2023.
Ek divested 50,000 shares at about $564.48 apiece on Wednesday (April 16), according to an SEC filing. The stock closed lower at $563.07 on that day.
The transaction marks Ek’s 18th stock sale since July 2023 and his eighth this year alone.
The latest sale came as Spotify’s share price has risen 91.8% over the past 12 months, significantly outperforming the S&P 500 Index’s 5% gain during the same period. SPOT’s stock has been riding high following its first full year of operating profitability in 2024.
Since January, Ek has established a biweekly selling pattern, cashing out about $239 million in Spotify stock this year. His previous transaction on April 1 involved selling 50,000 shares for $27.6 million. Notably, the Spotify boss has forgone a traditional salary since July 2017 in favor of a performance-based bonus scheme tied to growth metrics.
Ek’s cumulative proceeds since initiating the divestments in July 2023 now total approximately $778.3 million:
- 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;
- And again in April 2025, Ek sold 50,000 shares for $28.2 million.
Despite the ongoing divestment, Ek maintains substantial control over the streaming giant. According to Spotify’s latest 20-F filing in February, he holds a 14.3% ownership stake carrying 29.1% voting power as of the end of 2024.
Ek isn’t the only company founder liquidating shares. Spotify co-founder Martin Lorentzon sold $556.8 million in Spotify stock last year through his holding company Rosello Co. Ltd. Together, the two have cashed out about $1.34 billion in Spotify shares since mid-2023.
The latest share sale coincides with Spotify’s recent price hikes of up to 22% in the Benelux region, the first since July 2023. Prices in Belgium, the Netherlands, and Luxembourg now exceed those in larger neighboring economies like Germany, Spain and France.
Spotify has also raised prices in other regions over the past year. In April 2024, the company hiked prices in the UK, Australia, and Pakistan. That was followed by price increases in the US in June 2024 and in Canada in October 2024.
These price hikes come as Spotify continues to seek sustained profits. The company reported its first full year of operating profit in 2024, driven by its growing subscriber base. As of the end of 2024, SPOT’s paid user base stood at 263 million, up by 4%, or 11 million subscribers, from the end of the previous quarter.
In January, the company said it paid out “a record” $10 billion to the music industry in 2024.
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