Spotify co-founders make small stock sales

The major labels offloaded some of their stock in Spotify when the streaming service went public, but now both of its co-founders have done the same. Martin Lorentzon registered a sale of $40 million in Spotify stock in July, according to a disclosure filed with the SEC. But that’s just a fraction of his total holdings; the sale was just 1% of his total stake.

Daniel Ek, co-founder and CEO, also sold some of his Spotify holdings earlier in the summer. According to Swedish tech site Di Digital, Ek’s sale was worth less than $10 million, but he has expressed plans to sell $80 million in stock over the course of a year.

Sony, Warner, and Merlin have all sold off sizable chunks of their Spotify stock. After a shaky start, Spotify has been performing well on the New York Stock Exchange. Its stock price has been sitting between $190 and $195 per share since its Q2 earnings report.