In recent months, tech executives have been cashing out of their companies as their value skyrockets. Spotify CEO Daniel Ek has sold $176.3 million worth of the company’s stock this year, with one transaction worth $118.8 million and another worth $57.5 million, according to Securities and Exchange Commission filings.
Spotify’s stock price has surged by about 60% year to date, despite the company laying off 1,500 people in December. Record profitability was reported last quarter, and other prominent business leaders like Jeff Bezos, Jamie Dimon, and Mark Zuckerberg have also sold large amounts of stock in recent months, totaling about $9 billion.
It’s not just Ek who is selling shares at Spotify. Other members of the C-suite and former chief financial officer Paul Vogel have also sold millions of dollars in stock this year. Spotify did not respond to a request for comment from Business Insider regarding the matter.
