Spotify’s founder Daniel Ek and Martin Lorentzon have signaled their intention to sell more shares in the company, according to the Swedish publication Di Digital, citing SEC filings registered Oct. 1 and 2 that were not available digitally at press time.
When the most recent sale is completed, the pair will have sold approximately $221 million in stock of the company they founded in 2006.
According to the report, Ek sold 336,213 shares $61.7 million worth of stock between July and September, and late last month signaled his intent to sell another $69.9 million sold in July–September for a total of $61.7 million.
Lorentzon sold 317,800 shares between July and September for a total of $58.7 million, and in mid-September declared his intent to sell another 174,250 shares for $31.8 million.
“Daniel will sell a small share of Spotify shares in the next nine months as part of his long-term financial strategy. This sale of shares will constitute a minimal part of his holding in the company,” Spotify rep Sofie Grant told the paper. Ek and Lorentzon declined comment.
The pair still own a large percentage of the company: The sale decreases each of the founders’ total holdings in the company by approximately half a percentage point: Ek’s goes from 8.8% to 8.3%, while Lorentzon’s drops from 12.2 to 11.8. Lorentzon remains the company’s top shareholder and Ek its third, with Tencent, which acquired 10% of the company in a stock swap late last year, at No. 2