Spotify CEO Daniel Ek invests $50 million in its music streaming platform

Spotify co-founder and CEO Daniel Ek is investing $50 million in his own music streaming service, saying “the best days are yet to come”.
Spotify stock rose more than 3 percent to $108.98 per share following the announcement late Friday.

One said in a statement, “I have always been vocal about my strong belief in Spotify and what we are building. So I’m putting that belief into action by investing $50M in $SPOT this week. I believe our best days are ahead.” Tweet.

Acknowledging that they are not required to disclose these purchases due to foreign company status, one said “I thought it was important for shareholders to know”.

Last month, Spotify’s shares hit their lowest point ($95.22) since being listed as a public company on the New York Stock Exchange.

Swedish music streaming service Spotify said last month that despite the Joe Rogan controversy, its premium subscribers jumped 15 percent (on-year) to 182 million in the first quarter (Q1) of 2022, up from 180 million in the previous quarter. Was. Incorporating COVID misinformation on your podcast.

The company said its monthly active users (MAUs) grew 19 percent year-on-year to 422 million, up from 406 million last quarter and 4 million more than its guidance.

Growth in the premium subscriber base was “slightly below our guidance”, Spotify said in a statement, “excluding the involuntary churn of approximately 1.5 million subscribers as a result of our exit from Russia” in the wake of Ukraine’s invasion.

Spotify this week became the first music streaming service to be available on the popular virtual gaming platform Roblox. Suspense Crime