Martin Lorentzon

Lorentzon retained about 20 million Spotify ordinary shares through his investment structure at the end of 2024, roughly 9.8% of the company. His disclosed voting power was 41.6%, boosted by beneficiary certificates that carried votes but no economic rights. Alongside Ek, he had taken a company financed by several investors onto the public market. The surviving founder block was substantial, but its voting strength greatly exceeded its claim on profits.