Spotify Founders Enriched To The Tune Of $5.8 Billion In Listing
(Bloomberg) -- Spotify Technology SA's stock debut just made its founders two of Sweden's richest people.
Chief Executive Officer Daniel Ek is worth $2.4 billion thanks to his 9 percent economic stake in the music-streaming service. Co-founder Martin Lorentzon's 12 percent holding gives him a $3.4 billion fortune, according to the Bloomberg Billionaires Index.
Trading of Spotify shares began early Tuesday afternoon in New York in an unusual direct listing, giving the company a market value of about $28 billion.
Read more: NYSE honors Spotify's (Swedish) roots by hoisting Swiss flag
To contact the reporter on this story: Tom Metcalf in New York at tmetcalf7@bloomberg.net.
To contact the editors responsible for this story: Pierre Paulden at ppaulden@bloomberg.net, Peter Eichenbaum
©2018 Bloomberg L.P.
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