Daniel Ek, among other top stockholder executives, have cashed out some of their shares in Spotify after share prices in the streaming service skyrocketed.

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The streaming service confirmed it had “never been in a stronger position” when it published its Q3 earnings for 2024 last week, with its subscriber and user growth continuing to climb.

As a result, Spotify’s stock price jumped on the New York stock exchange, closing at an all-time high of $477.50 on November 14.

It’s therefore not a surprise that various Spotify executives have cashing out portions of their shares. According to an SEC filing seen by Music Business Worldwide, Ek sold 75,000 Spotify shares on November 15, letting him cash out $35.8 million.

Indeed, Ek has cashed out some of his Spotify stock five times in the past 18 months. Altogether, he’s cashed out around $376.3 million worth of Spotify shares since last summer.

Meanwhile, Rosello Company Ltd, the Cyprus-registered holding company owned by Almatea, a Luxembourg-based firm whose sole shareholder is Spotify co-founder Martin Lorentzon, sold 959,762 shares of SPOT worth $383.75 million.

According to the streamer’s Q4 forecast, it looks set to complete its first full year of profitability. It grew its monthly active users by 11 percent across Q3 to 640 million, while its subscriber base increasing by 12 per cent to 252 million. Total revenue was up across the quarter by 19 percent year-over-year to €4 billion, with its gross margin reaching 31.1 percent.

When the results were published Ek said: “I’m incredibly proud of the way we’ve delivered and the progress we’ve made. We’re where we set out to be – if not a little further – and on a steady path toward achieving our long-term goals. This relentless pursuit of innovation and commitment to growth sets us up to deliver the most valuable user experience in the industry, while reinforcing the core strengths that make Spotify unique. I am very excited about what lies ahead for us.”

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