Daniel Ek invested $50 million in Spotify: “I believe our best days are yet to come”

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Spotify co-founder Daniel Ek said on Friday that he is investing $50 million in the music streaming service, sending its stock price up more than 3% to a high of $108.98 per share during regular trading hours.

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However, short-term growth is a blip on the radar of Spotify, which has taken a beating this year – in part due to recent weaker-than-expected growth forecasts (like many others streaming and software firms).

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As for why he bought EK, Spotify’s CEO wants you to know that he thinks so. “I have always stated my strong belief in Spotify and what we create. So this week, I’m putting that belief into practice by investing $50 million in $SPOT. I believe that our best days are yet to come…,” he said, adding that you didn’t have to talk about itbut wanted.

If Ek’s vote of confidence is measured by his other recent stock deals, then perhaps the CEO’s faith in Spotify trumps his support for the military-industrial complex. In November Ek scared some artists and subscribers when his investment firm Prima Materia put it crudely $113 million (100 million euros) to Helsing. Although the website of the artificial intelligence company is not numerous, Financial Times it was reported at the time that Helsing was aiming to “make living maps of the battlefields”. Along with the nine-figure deal, Ek joined the board of directors of a one-year-old firm whose clients include the British, French and German military.

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In any case (!), it seems like no one believes in Spotify the way Spotify itself does. In August, the streaming giant said it would spend as much as 1 billion dollars buy back its shares over the next few years, eclipsing both of Ek’s recent deals.




Credit: techcrunch.com /

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