Ek Sells Shares
SPOTIFY CEO DANIEL EK is selling 675,000 shares of his company worth $100 million, according to an SEC filing released YESTERDAY (7/27). J.P. MORGAN SECURITIES is named as the broker for the sale.According to the filing, 471,565 of those 675,000 shares were acquired on MAY 5th, 2022, on the open market. The next day, EK told investors he was personally purchasing $50 million in SPOTIFY stock (closing that day at $104.68) believing “our best days are ahead.”The company’s share price YESTERDAY was $144.52 on the NYSE, and has this month been trading at its highest levels in over a year.After peaking at around $364 per share in FEBRUARY 2021, SPOTIFY dropped more than 79%, to a bottom around $75 per share in DECEMBER of 2022.That means the company’s market capitalization reached $70.5 billion, before falling to some $14.5 billion, then recovering to its current market cap of around $27.95 billion.EK reportedly holds stock worth around $4.6 billion as the company’s largest single shareholder. At the end of 2022, he held 31.93 million shares or 16.5% of the total.News of the stock sale comes two days after the company announced its Q2 financial results (NET NEWS 7/25). The company recently announced it would raise its monthly price $1 to $10.99 (NET NEWS 7/24).
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