Photo: Daniel Ek, CEO of Spotify | By Mark Sweney, The Guardian | One of Spotify’s top executives cashed in more than $9m (£7.2m) in shares as the value of the world’s biggest music streaming service surged after it announced it was laying off almost a fifth of its workforce to cut costs.
Paul Vogel, Spotify’s chief financial officer, moved to sell the $9.4m worth of stock on Tuesday, a day after investors sent the company’s share price soaring in response to reports that the cuts would help it sustain profitability amid slowing economic growth.
Vogel was not the only one to cash in on the jump. Spotify’s share price rose by as much as 8% on the day of the announcement and has remained elevated since. Two other senior executives have cashed in more than $1.6m in shares, according to filings with the US Securities and Exchange Commission.
On Friday, the last day of trading before Spotify announced it was to lay off about 1,500 staff, the company traded at $180 a share. On Monday, the day of the cuts announcement, it surged to $194 rising to $199 on Tuesday, when the SEC filing shows that Vogel sold 47,859 shares.
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Read more here:
https://www.theguardian.com/technology/2023/dec/07/spotify-cfo-cashes-in-72m-in-shares-after-value-surges-on-news-of-job-cuts
[Thanks to Alex Teitz for contributing this article! http://www.femmusic.com]
[Chris Kresge also posted a story on his Facebook page regarding Vogel leaving Spotify.]
Spotify CFO Cashes in £7.2m in Shares After Value Surges on News of Job Cuts
