Spotify CEO Daniel Ek and several of his fellow executives have cashed in on the company’s recent stock market surge by selling off millions of dollars worth of shares.
Ek, who hasn’t taken a salary since 2017, sold $118.9 million in shares following the group’s Q2 results, which followed a $59.9 million sale in February. Other high-ranking Spotify executives who have sold shares this year include:
– Gustav Söderström, Chief Technical Officer and Chief People Officer: $40.7 million
– Alex Norstrom, Chief Business Officer: $12 million
– Dustee Jenkins, Chief Public Affairs Officer: $343,000
– Katrina Berg, Chief Human Resources Officer: $7.7 million
– Former CFO Paul Vogel: $14 million
The sales come as Spotify’s share price has increased more than 60% since the start of the year, adding more than $20 billion to the group’s valuation. Spotify has been able to increase subscription prices while adding new members and refining its podcast division to bulk up its margins.
However, Spotify’s return to near-record valuations has been a bumpy road. The group laid off 1,500 employees in December as part of a massive efficiency drive, with Ek arguing his staffers were doing too much “work around the work.” Shares in the group have continued to rise since the layoffs, but Ek has acknowledged that the layoffs, equivalent to 17% of staff, had impacted day-to-day operations more than he had anticipated.
