Spotify founders Daniel Ek and Martin Lorentzon have made a huge profit by selling some of their shares in the company. They sold over 2.5 million shares last year, making around R15.7 billion.
Ek, the CEO of Spotify, and Lorentzon still own around 16% of the company, which is worth around R343 billion. They have been selling some of their shares to invest in other businesses, including artificial intelligence and climate-focused startups.
Spotify’s shares have increased in value by 239% since the start of last year, making it one of the best-performing tech companies. The company has been growing rapidly, with more subscribers and revenue than expected.
Ek and Lorentzon have also invested in other startups, including a Swedish healthcare company and a body-scanning company. They are using their wealth to support new businesses and ideas, and to make a positive impact on society.