Daniel Ek

At the end of 2024, Ek's wholly owned investment vehicle held about 12.5 million Spotify shares, roughly 6.1% of the company. The much larger 14.3% beneficial-ownership figure also included shares over which he held voting proxies for Tencent-related holders. Spotify's 2018 direct listing had allowed trading without a new capital raise. Ek illustrates why a founder's economic stake, regulatory ownership figure and voting influence need separate treatment.