Spotify CEO Daniel Ek has raked in nearly $119 million in a stock sale after recently overseeing the layoff of 1,500 employees — a reduction that Ek himself acknowledged created a “significant” challenge” for the streaming company.
Daniel Ek’s big stock sale also comes at a time when artists are complaining that Spotify is hoarding money by being stingy with royalty payments.
This week, Ek sold 400,000 share units in Spotify, with a total market value reported as $118.8 million, according to an SEC filing. This marks the fourth time in the past 12 months that Ek has cashed in some of his Spotify stock, according to a report from the site Music Business Worldwide.
The four transactions reportedly total approximately $340.5 million.
In December, Spotify laid off 1,500 employees, or 17 percent of its workforce, as part of an effort to achieve profitability.
This…
