After years of declining stock prices, Spotify has made a stunning comeback. The stock of the Swedish streaming giant has nearly tripled this year, catapulting its market capitalization to nearly $100 billion—a dramatic rise from the lows of 2022 and 2023, when the company was temporarily valued under $20 billion.

And who benefits? The top executives of the company.

From Founder to Billionaire

Daniel Ek, who founded Spotify in 2006 together with Martin Lorentzon in Sweden, has sold shares worth $350 million this year alone. On December 11, he last sold shares worth $28 million. Ek, who now has an estimated fortune of over $7 billion, remains the face behind Spotify's global success.

Even more successful was his co-founder Martin Lorentzon, who recorded stock sales worth $550 million in 2024. Lorentzon, who still sits on the board of Spotify, has catapulted himself into the upper echelons of the corporate elite.

Millions in Profits for Executives

Other top managers at Spotify have also cashed in. Chief Product and Technology Officer Gustav Söderström, with the company since 2009, sold shares worth over $106 million. Chief Human Resources Officer Katarina Berg and Chief Business Officer Alex Norström followed with sales amounting to $38 million and $63 million, respectively.

Even Ted Sarandos, Netflix CEO and a board member at Spotify since 2016, made 6 million dollars from selling his Spotify shares. Sarandos is thus among the prominent beneficiaries of the stock rally.

The Path to Success: Profitability Without Compromise

How did Spotify achieve this turnaround? The answer lies in a rigorous strategy shift. After the company laid off a quarter of its workforce in 2023, it focused more on profitability. Prices were raised in dozens of countries without sacrificing customer growth – a masterstroke in a price-sensitive market.

The results speak for themselves: Spotify posted a profit in every quarter of 2024. Analysts like Morgan Stanley praise the "incredible" margin development of the company. Bank of America raised the price targets for Spotify, impressed by the new balance of growth and earnings.

Streaming Wars: Spotify and Netflix Dominate

While many competitors fall by the wayside in the "streaming wars," Spotify, along with Netflix, has solidified a position as a market leader.

Spotify shows: With the right strategy and a little patience, it is possible even after difficult