Spotify CEO Daniel Ek has sold $176.3 million worth of the company’s stock this year, as its shares continue to rise. This amounts to roughly 400,000 shares worth $118.8 million sold in one transaction and 250,000 shares worth $57.5 million sold in another transaction, according to Securities and Exchange Commission filings. The surge in Spotify’s stock price has seen a growth of about 60% year to date.
In recent months, prominent business leaders like Jeff Bezos, Jamie Dimon, and Mark Zuckerberg have also sold large amounts of stock, totaling about $9 billion. Notably, Ek is not the only tech executive cashing out as their company’s value soars. He has not taken a salary since 2017 and is not the only Spotify executive selling shares. Other members of the company’s C-suite, as well as its former chief financial officer Paul Vogel, have also sold millions of dollars in stock this year.
Spotify did not immediately respond to a request for comment from Business Insider regarding Ek’s sales of stock or those made by other executives at the company. However, it is clear that the surge in Spotify’s stock price has been driven by a combination of factors including the company’s continued growth and increasing profitability. In fact, the company reported record profitability last quarter despite laying off 1,500 people in December