‘I consider our greatest days are forward’ – TechCrunch

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Spotify co-founder Daniel Ek mentioned on Friday that he’s pouring $50 million into the music streaming service, driving its inventory worth up by greater than 3% to a excessive of $108.98 per share throughout common buying and selling hours. 

The momentary rise, nevertheless, is a blip on the radar for Spotify, which has taken a beating this yr — partially over its current, weaker-than-expected development forecasts (similar to loads of different streaming and software program companies).

As for the reasoning behind Ek’s buy, the Spotify CEO needs you to know he believes. “I’ve at all times been vocal about my robust perception in Spotify and what we’re constructing. So I’m placing that perception into motion this week by investing $50M in $SPOT. I consider our greatest days are forward…,” he mentioned, including that he didn’t need to let you know about it, however wished to.

Ought to Ek’s vote of confidence be measured by his different current fairness offers, then maybe the CEO’s religion in Spotify is surpassed by his help for the army industrial complicated. In November, Ek rattled some artists and subscribers when his funding agency, Prima Materia, put roughly $113 million (€100 million) into Helsing. Whereas the substitute intelligence firm’s web site is sparse, Monetary Occasions reported on the time that Helsing goals to “produce reside maps of battlefields.” Together with the nine-figure deal, Ek joined the board of the one-year-old agency, whose prospects embody the British, French and German militaries.

In any occasion(!), it appears no one believes in Spotify fairly like Spotify itself does. In August, the streaming large mentioned it will spend as a lot as $1 billion rebuying its shares over the subsequent a number of years, outshining each of Ek’s current offers.


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