Daniel Ek, the co-founder and chief executive officer (CEO) of Spotify Technology (SPOT), is selling down his stake in the audio-streaming company after its share price more than doubled in the last 12 months.
In recent days, Ek has filed to sell $119 million U.S. worth of Spotify stock. The latest sale comes after the company’s share price has increased 109% in the past year to $289.59 U.S.
Ek previously sold $60 million U.S. of Spotify stock in February of this year. It is the first time that he has sold company stock more than once in a year since the market rally of 2021.
The 41-year-old CEO, whose net worth is estimated at more than $4 billion U.S., still owns 7% of Stockholm, Sweden-based Spotify.
Ek isn’t the only technology billionaire selling company stock.
He joins Tim Cook at Apple (AAPL), Michael Dell at Dell Technologies (DELL), Amazon’s (AMZN) Jeff Bezos, and Meta Platforms’ (META) Mark Zuckerberg in selling company stock this year after share prices increased over the last 12 months.
In Spotify’s case, its stock has surged 267% since the end of 2022 when the current bull market in equities began.
Ek’s latest stock sale also comes after Spotify’s stock gained the most it has in almost two years on April 23 when the company reported that it swung to a profit in the first quarter of this year.
Other executives at Spotify have also been selling their stock in the company, with co-presidents Alex Norström and Gustav Söderström offloading a combined $35 million U.S.
