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 service is actually shittier this year, as widely noted. Shareholder perception is stupid and disconnected with value and productivity.
Chief executive Daniel Ek, who founded Spotify in Sweden in 2006 with Martin Lorentzon, has sold nearly $350mn worth of stock in 2024. He has sold shares as recently as December 11, when he cashed out $28mn. Bloomberg estimates Ek’s net worth at more than $7bn.
Lorentzon, who remains on Spotify’s board, has sold more than $550mn worth of stock in 2024, per SEC filings.
Gustav Söderström, Spotify’s chief product and technology officer, who has been with the company since 2009, sold more than $106mn in stock in 2024.
Chief human resources officer Katarina Berg has sold $38mn worth of stock, while chief business officer Alex Norström reaped $63mn from stock sales during the year.
No one should have that much money, least of all these hucksters. This is just plain bad for humanity.