Spotify CEO Daniel Ek has cashed out a total of $176.3 million worth of stock in the streaming service this year, amid a surge in the company’s shares. The sales come as Spotify’s stock has grown by approximately 60% year to date. Ek sold about 400,000 shares worth $118.8 million in a recent transaction, following a separate sale of 250,000 shares worth $57.5 million in February.
The surge in Spotify’s stock value comes as the company reported record profitability last quarter, despite having to make significant staff cuts in December. Ek acknowledged that the layoffs of 1,500 employees were more impactful than anticipated, as part of a total of 2,500 job cuts in 2023.
Ek is not the only tech executive to sell off shares in their companies during a period of tremendous growth. Prominent figures like Jeff Bezos, Jamie Dimon, and Mark Zuckerberg have also sold billions of dollars’ worth of stock in their respective companies, as shares of Amazon, JPMorgan, and Meta have swelled.
Aside from Ek, other members of Spotify’s executive team, as well as its former CFO Paul Vogel, have also sold tens of millions of dollars in stock this year. Spotify has not yet responded to inquiries regarding these sales from Business Insider.