Spotify’s share price is soaring! The music streaming giant’s stock prices rocketed to an all time high on the NYSE. It closed at an all-time high of USD $477.50 effective November 14. The price gradually crawled back to $458.32 at the close of trading the next day. However, it was still enough to give Spotify a gigantic market cap of $92 billion!
Predictably, some of Spotify’s leading stockholders have seized on this market cap valuation hike. This list includes its co-founder and CEO, Daniel EK by stocking out chunks of their shares. Ek apparently sold 75,000 Spotify shares as of November 15, enabling him to cash out $35.8 million. This is not the first time he has cashed in some of his Spotify stock. Daniel has cashed out approximately $376.3 million spanning across 5 transactions (including the aforesaid) in the past 18 months.
The biggest single encashment of Spotify stock, however, has not come from Daniel. It has come from his co-founder in the company. As per an SEC filing located by Music Business Worldwide, Rosello Company Ltd sold 959,762 shares on November 13. It generated an eye-watering USD $383.75 million in revenue for Rosello.
Rosello is a Cyprus-registered holding company which is owned by a Luxembourg-based firm called Almatea. Martin Lorentzon is its sole shareholder who also doubles up as Spotify co-founder and former chairman. He had previously cashed out $81 million in Spotify stock in June this year. It boils down to approximately $450 million cashed out by Lorentzon in a mere duration of five months!