Spotify Shares Dip 4% After Founder Daniel Ek Exits As CEO

Core Insights - Spotify shares fell over 4% following the announcement of founder Daniel Ek stepping down as CEO after nearly 20 years [1][2] - The company reported its first full-year profitability last year, attributed to its expansion into podcasts and audiobooks [1][5] Company Leadership Transition - Daniel Ek will transition to the role of executive chairman, while co-presidents Gustav Söderström and Alex Norström will become co-CEOs effective January 1, 2026 [2] - Ek emphasized that he will remain involved in significant decisions regarding Spotify's future [2] Financial Performance - Ek's net worth is estimated at $10.3 billion, with a significant increase from $4.2 billion last year, benefiting from Spotify's stock nearly doubling [3] - Spotify's market capitalization increased by approximately $73.9 billion over the past year, with the stock price rising nearly 98% [4] Company Background - Spotify was co-founded by Ek and Martin Lorentzon in 2006 and launched in 2008, positioning itself as a competitor to Apple's iTunes [5] - The platform has grown to over 696 million users and 276 million subscribers across more than 180 markets, with a notable increase in monthly active users by 12% in the last quarter of 2024 [5]