Daniel Ek just cashed out $35.8 million in Spotify shares. But that’s nothing compared to his co-founder… who just cashed out $383.8 million.
Spotify‘s share price is flying.
Following the firm’s announcement of its Q3 2024 results on Tuesday (November 12), SPOT’s stock price jumped on the NYSE, closing at an all-time high of USD $477.50 yesterday (November 14).
It settled back down to $458.32 at the close of trading today (November 15), but that was still enough to give Spotify a massive market cap of $92 billion.
Unsurprisingly, some of Spotify’s top stockholder executives have capitalized on this market cap valuation growth by cashing out portions of their shares.
Said executives include Spotify co-founder and CEO, Daniel Ek.
According to an SEC filing spotted by MBW, Ek sold 75,000 Spotify shares earlier today (November 15), enabling him to cash out $35.8 million.
