Spotify Execs Have Already Sold Over $90M Worth of Company Shares in June — SPOT’s Single-Year Growth Exceeds 105%

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Spotify execs and insiders have already sold over $90 million worth of company stock in June. Photo Credit: Patrick Weissenberger

There’s no time like the present to sell: With Spotify stock (NYSE: SPOT) surging, higher-ups have already cashed in on over $90 million worth of non-option company stock to this point in June.

The sizable sales total emerged in SEC filings submitted by the involved individuals and companies, including director and co-founder Martin Lorentzon’s Rosello, director and former CFO Barry McCarthy, and director Shishir Mehrotra.

As we’ve reported, SPOT has jumped in recent weeks amid the rollout of U.S. and U.K. price increases, which are components of a wider ongoing effort to achieve consistent profitability. Having touched a 52-week high of $331.08 per share earlier in June, Spotify stock was worth an even $309 per share when trading ended today.

That reflects an over 105 percent boost from the same point in 2023. Furthermore, SPOT’s current value is north of $100 higher than it was during 2024’s first month, which nevertheless set the stage for a major selloff in February.

Now, said selloff could be eclipsed in June, the first 10 days of which have seen Spotify higher-ups move the initially mentioned $90 million or so in non-option company stock.

Much of the newer sum consists of 255,000 shares sold off by 55-year-old Lorentzon’s Rosello for a cool $81.48 million. According to the appropriate SEC disclosure, the Spotify co-founder had bought these particular shares via Rosello on the public market in May of 2022, when SPOT was trending closer to $100.

Predictably, Lorentzon, whose net worth is $5.9 billion per Forbes, still holds a massive amount of Spotify stock through Rosello. On this front, a different filing, this time dated June 10th, shows that Lorentzon himself exercised an option for 18,602 shares, selling them off at once for $5.73 million.

In other early June sales, director and former CFO Barry McCarthy parted with 30,750 shares, dating back to 2016, in exchange for just beneath $10 million, a different filing shows. And director Shishir Mehrotra exercised a stock option covering 9,805 shares and then sold them at a value of $3.09 million, another document indicates.

Bigger picture, it goes without saying that the sales’ timing is due at least partially to SPOT’s strong positioning; like with any stock performing well in today’s quick-moving market, there’s a degree of inherent uncertainty in that positioning.

However, material Spotify stock sales from execs and insiders aren’t without precedent. July of 2023 saw these sales crack a cumulative $100 million, compared to $118.1 million in October of the same year and, as highlighted above, nearly $100 million through February of 2024’s first half.

Even CEO Daniel Ek, who remains the biggest Spotify shareholder, contributed to the February stock-sales total by opting to move almost $60 million in SPOT holdings.