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Co-founder Sells $40 Million In Spotify Stock

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 DigitalIn 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.