Spotify’s co-founders planning to sell off another round of shares

Spotify’s two co-founders may be planning another sale of their shares in the streaming service. Swedish publication Di Digital cited SEC filings from the start of the month that pointed to another sale from both Daniel Ek and Martin Lorentzon.

“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 representative Sofie Grant said. Neither of the Spotify execs offered their own comment.

According to the report, Ek sold stock worth $61.8 million between July and September and plans to sell off another $66.3 million. The move would reduce his holdings in Spotify from 8.8% to 8.3%. Lorentzon’s stock sales from July through September totaled $58.5 million and his next anticipated sales will be worth $31.9 million. His share of the company will dip from 12.2% to 11.8%.