Daniel Ek plans to buy $50 million in Spotify shares
Daniel Ek, founder and CEO of Spotify, has announced he plans to buy $50 million in Spotify shares. In a recent Tweet, Ek said:
“I’ve always been vocal about my strong belief in Spotify and what we are building. So I am putting that belief into action this week by investing $50M in $SPOT. I believe our best days are ahead..,”
Despite attempts to distance himself and Spotify from comparisons to the falling stock and subscriber count of Netflix, Spotify’s shares hit their lowest recorded value since the company went public late last month. The company has had a turbulent start to the year, with discourse surrounding their royalties model continuing and controversy surrounding Joe Rogan and his spread of misinformation on the platform via his Spotify exclusive podcast.
Ek is not entirely unfounded in his statement, however. Despite their share values, Spotify has achieved a greater than expected growth in subscribers, particularly in European and Latin American markets. In the first three months of this year alone, Spotify added 2 million Premium subscribers to bring their total number of subscribers to 182 million.