Spotify Duo Set to Become Instant Billionaires

Music-streaming service to sell shares directly to investors
Private trading put firm’s value as high as $20.9 billion

Spotify files prospectus for public offering on NYSE. Bloomberg’s Alex Barinka reports.(Source: Bloomberg)

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Tom Metcalf and Anders Melin

February 28, 2018 at 11:18 PM UTC

This article is for subscribers only.

Spotify Ltd.’s Daniel Ek is poised to join his Swedish co-founder as a billionaire, as long as the company’s value established in recent private trading holds up during an unusual public listing.

Ek owns 9 percent and Martin Lorentzon has 12 percent of the music-streaming service excluding warrants, according to a regulatory filing Wednesday. Their holdings would be valued at $1 billion and $1.4 billion, respectively, if the shares trade at the $64 average that investor Tencent Holdings Ltd. paid for a stake in recent months.