Spotify CEO Daniel Ek has offered 250,000 shares of the corporate’s inventory for $57.5 million.
Ek, who’s Spotify’s largest shareholder, made the sale final week (7 February). It comes after the corporate shared sturdy monetary earnings made within the closing quarter of 2023.
As reported by Music Enterprise Worldwide, Spotify’s closing quarter submitting exhibits that month-to-month lively customers surged by 23 p.c 12 months over 12 months to 602 million, exceeding the corporate’s goal by a million. The variety of its subscribers additionally grew by 15 p.c YOY to 236 million, additionally greater by a million in opposition to the corporate’s steering.
Income in Quarter 4 rose by 16 p.c YOY to $3.99 million, leading to an working lack of $80.82 million in This fall 2023 in comparison with a lack of $248.9 million in This fall 2022.
This current share gross sales have been executed by DGE Investments Restricted, which is solely owned by Ek. Spotify’s share value is up 27.56 p.c for the reason that begin of the 12 months, and in accordance with the publication, Ek offered his shares on the highest value the inventory has seen since late 2021.
In December, it was revealed that Spotify’s Chief Monetary Officer (CFO), Paul Vogel, had cashed out 47,859 shares incomes him $9.377 million. This occurred shortly after the corporate introduced that 17 p.c of its workforce could be laid off. An announcement confirmed that Vogel will depart from the corporate on the finish of Q1 in 2024 (31 March) as a part of a brand new section for Spotify.
Extra not too long ago, the corporate teased that it is going to be introducing “superfan golf equipment” for its customers on the platform: “Due to the DMA (Digital Markets Act) we’re wanting ahead to a way forward for superfan golf equipment, various app shops, and giving creators the flexibility to soundly obtain Spotify for Artists or Spotify for Podcasters immediately from our web site – and that’s simply the beginning,” it stated in a press release.
“We can talk clearly with you within the Spotify app about new merchandise on the market, promotional campaigns, superfan golf equipment, and upcoming occasions, together with when objects like audiobooks are happening sale.”
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