Spotify CEO and co-founder Daniel Ek sold another significant chunk of company shares this week, bringing his total cash-outs to $724 million since mid-2023.
Ek sold 50,000 more shares on Wednesday (March 19) at Tuesday’s (March 18) closing price of $569.48, generating about $28.5 million in proceeds, according to an SEC filing. The transaction came despite Spotify’s shares dipping 4.7% on Tuesday, although they rebounded 2.9% in Wednesday’s session.
The latest divestment comes two weeks after Ek’s previous stock sale on March 5 when he offloaded 50,000 shares for $29.2 million or $584.14 apiece.
This week’s transaction marks Ek’s 16th share sale since July 2023, with about $376 million worth of shares sold in 2024 alone, based on MBW calculations.
- 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 $27.7 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;
- And the latest transaction, also in March 2025, where Ek sold 50,000 shares for $28.5 million.
Despite the substantial selloffs, Ek maintains significant control over Spotify. As of the end of 2024, the executive held a 14.3% ownership stake carrying 29.1% voting power. This ensures that Ek, along with co-founder Martin Lorentzon, maintain control over the streaming platform. Ek founded Spotify in Sweden in 2006 with Lorentzon.
Lorentzon has also been actively trimming his position in Spotify through his investment vehicle, Rosello Co. Ltd. He raised $556.8 million in 2024 from share sales, while still retaining 9.8% ownership with 41.6% voting control.
Since 2017, Ek has opted to forgo a traditional salary from Spotify, instead tying his compensation to company growth metrics. Bloomberg estimates Ek’s net worth at $7.95 billion as of March 20, placing him at No. 384 on the Bloomberg Billionaires Index of the world’s 500 richest people. Lorentzon, meanwhile, is 188 places ahead of Ek, ranking 196th on the list with a net worth estimated at $12.4 billion, just a notch ahead of Telegram founder and CEO Pavel Durov.
In addition to owning a significant stake in Spotify, Lorentzon said in 2021 that he owns a 90% stake in Cervantes Capital AB, a private investment firm that he founded.
Earlier this month, Bloomberg reported that Cervantes Capital, which has received about $120 million of Lorentzon’s estimated $12.6 billion fortune, plans to more than double its assets under management by investing in stocks overlooked by major banks’ equity research teams.
“The investment team has been able to create proof-of-concept as an active, long-term owner in the Nordic public market,” Lorentzon said in emailed comments to Bloomberg. “They’re now ready to scale up their business.”
Stockholm-based Cervantes hold stakes in 14 Nordic companies worth a combined 2 billion kronor ($199 million), according to Bloomberg. Cervantes co-founder David Zaudy said the plan is to grow the firm’s assets to 5 billion kronor ($495m) in the coming years, the news outlet said.
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