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Music Business

Co-founder Sells $40 Million In Spotify Stock

Spotify co-founder Martin Lorentzon sold company stock worth $40 million USD in July, according to SEC documents. The stock was trading 37% higher than the Spotify IPO reference of $132.

,   and  Bruce Houghton
Spotify New $Spotify co-founder Martin Lorentzon sold company stock worth $40 million USD in July, according to SEC documents. The stock was trading 37% higher than the Spotify IPO reference of $132.Lorentson is still the music streamer's largest shareholder, with a stake as worth as much $4 billion, according to Swedish tech site Di Digital. In July, Spotify CEO and co-founder Daniel Ek sold stock worth $9 million.Spotify has become a firm buy and favorite of several top stock analysts in recent weeks.

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