Senior Spotify executives and board members have sold $1.25bn worth of the company’s stock in 2024 — including $900mn in payouts for its two co-founders — as they capitalise on the music streamer’s soaring share price.
The sum of $1.25bn was cashed out by about 20 executives and board members during the year, with stock sales ramping up in November and December, according to a Financial Times analysis of filings to the US Securities and Exchange Commission.
Shares of Spotify, which is listed on the New York Stock Exchange, have nearly tripled in 2024, hovering near a $100bn market capitalisation. It is a sharp turnaround from 2022 and 2023 when the group’s share price dropped to its lowest ever, trading at a market capitalisation of less than $20bn.