Daniel Ek, CEO of Spotify, has sold $176.3 million worth of the company’s stock in 2021, as its shares continue to rise. This amounts to roughly 400,000 shares worth $118.8 million sold in one transaction and 250,000 shares worth $57.5 million sold in another transaction, according to Securities and Exchange Commission filings.
The surge in Spotify’s stock price has seen a growth of about 60% year to date. The company reported record profitability last quarter, despite the impact of laying off 1,500 people in December. Ek is not the only tech executive cashing out as their company’s value soars. 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 is worth noting that Ek, who has not taken a salary since 2017, is not the only Spotify executive selling shares. Other members of the company’s C-suite and its former chief financial officer Paul Vogel have also sold millions of dollars in stock this year. Spotify did not immediately respond to a request for comment from Business Insider on this matter.