Spotify executives have collectively sold over $1.16 billion in company stock this year, fueled by a share price rally that has more than doubled Spotify’s market cap compared to Universal Music Group.
Co-founder and CEO Daniel Ek recently sold another $37 million worth of shares, according to SEC filings. Ek has sold 950,000 shares in 2024, earning nearly $320 million in total. Co-founder Martin Lorentzon leads the sales with 1.49 million shares sold for $556.77 million.
Spotify’s stock has surged over 550% since November 2022, reaching $502.38 per share on December 4. The company now has a market cap of $98 billion, supported by strong earnings and profitability projections for 2024.
Other key executives, including Chief Product Officer Gustav Soderstrom and Chief Business Officer Alex Norstrom, have also capitalized on the rally, contributing to the massive stock sale total.
