Largest Spotify Shareholders: Who Owns the Most SPOT Stock in 2024?

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Spotify has revolutionized the way we listen to music. The Swedish audio streaming service was launched back in 2008 and boasts millions of subscribers around the world.

It offers listeners access to more than 100 million tracks, as well as six million podcast titles and 350,000 audiobooks.

But who owns the most shares of Spotify? Here, we take a look at the major individual and institutional SPOT shareholders that have bought into the story.

Key Takeaways

  • Spotify has revolutionized how millions of people listen to music, podcasts, and audiobooks.
  • It went public in a direct listing in early April 2018. Its share price stood at $149 at the end of its first day of trading.
  • Spotify’s co-founders, Daniel Ek and Martin Lorentzon, are the largest individual SPOT shareholders.
  • Its major institutional investors include Baillie Gifford, Morgan Stanley, and T. Rowe Price.

Spotify Stock Analysis: Shares Outstanding & Ownership Structure

Spotify went public in a direct listing back in early April 2018, as opposed to an initial public offering. By the end of its first day of trading, the company’s stock price stood at $149. 

The company’s all-time high closing price was $364.59 on February 19, 2021, which was a great period for Spotify shareholders.

As the stock market closed on May 1, 2024, the price stood at $284.54.

Spotify (SPOT) Historical Price Chart
Spotify (SPOT) Historical Price Chart
Source: TradingView

As of May 2, 2024, Spotify (SPOT) stock has appreciated by 76% since its listing on NYSE, according to data from TradingView.


Note that past performance is not indicative of future results.

Spotify currently has 198,025,456 shares outstanding, according to CompaniesMarketCap, but who owns Spotify?

The owner of Spotify isn’t one person. It’s a collection of individual and institutional investors that have bought into the stock.

  • Spotify has 1,173 institutional owners and shareholders that have filed 13D/G or 13F forms with the US Securities Exchange Commission (SEC), according to Fintel.
  • These institutions, which include Baillie Gifford, Morgan Stanley, and T. Rowe Price, hold a combined total of 130,979,129 shares.
  • In its annual report, as of December 31, 2023, the company revealed that 162,752,342 of its ordinary shares were held by 422 record holders.

Here, we take a look at who owns the most SPOT stock.

Largest Individual Spotify Shareholders

Our analysis of Spotify shareholders starts with individuals. Two people are among the main shareholders of Spotify, owning more than 25% of the company, according to official filings.

Daniel Ek – 30,856,376 Shares – 15.6%

Daniel Ek

The Swedish entrepreneur co-founded Spotify with Martin Lorentzon in 2006 when he was in his early twenties. He is currently the company’s chief executive.

According to Brittanica, he grew up in Ragsved, near Stockholm, and created websites for businesses while still a teenager.

Before Spotify, he worked for several web-based businesses and founded Advertigo, an online marketing firm that he sold to Tradedoubler.

According to the most recent SEC filing, he holds 30,856,376 shares in Spotify, which equates to a 15.6% stake. This puts him at the top of the list of Spotify’s major shareholders.

Martin Lorentzon – 21,528,184 Shares – 10.9%

Martin Lorentzon 

This is another name that comes to mind when someone asks for the name of Spotify’s owner, as he’s always been heavily involved in the service.

Spotify’s co-founder has been a member of its board of directors since 2008 and served as the company’s chairman for eight years to 2016.

Previously, he founded Tradedoubler, a Stockholm-based internet marketing company, and held senior roles at Telia Company and Cell Ventures.

He holds a Master of Science in Civil Engineering from the Chalmers University of Technology, according to Spotify’s annual report.

According to the most recent SEC filing, he holds 21,528,184 shares, which equates to a stake of 10.9%.

Top 5 Largest Institutional Spotify Shareholders

So, which institutions are among the most significant Spotify shareholders? Here we take a look at who are the stakeholders of Spotify among institutional investors.

Top 5 Largest Institutional Spotify Shareholders

Baillie Gifford – 23,657,094 Shares – 11.92%

The investment management firm, which is wholly owned by its partners, was founded in Scotland during the early 1900s.

According to its website, the company focuses on seeking superior, long-term investment returns for its clients.

“We aim to find game-changing companies and other assets that can sustain growth and remain resilient in a changing world for decades to come,” it stated.

Baillie Gifford offers a wide variety of investment funds, including equity, fixed-income, and multi-asset portfolios.

The company, which had more than £225 billion of assets under management at the end of 2023, is one of Spotify’s biggest shareholders with an 11.92% stake, according to the latest SEC filings.

Tencent Holdings – 16,631,969 Shares – 9.1%

Tencent Holdings is a Chinese multinational technology conglomerate that was founded in the late 1990s and headquartered in Shenzhen.

It’s an “industry leader and global pioneer” in innovative, digital-based technology solutions, according to the World Economic Forum.

In its most recently announced results for the full year 2023, Tencent revealed total revenues of $86 billion, which was 10% up on the previous year.

Spotify and Tencent announced plans for joint equity investments in each other’s businesses way back in 2017.

At the time, Spotify chief executive Daniel Ek said, “Spotify and Tencent Music Entertainment see significant opportunities in the global music streaming market for all our users, artists, music and business partners.”

Tencent holds 16,631,969 shares, which equates to a 9.1% stake, according to SEC filings. This makes it the second-largest Spotify owner among institutional investors.

Morgan Stanley – 8,382,263 Shares – 4.4%

The US-based multinational investment bank has been a leading name in the world of financial services for decades.

On its website, it states: “We help individuals, families, institutions and governments raise, manage and distribute the capital they need to achieve their goals.”

Morgan Stanley holds 8,382,263 shares, which equates to a 4.4% stake, according to filings made with the SEC.

In mid-April 2024, Morgan Stanley reported net revenues of $15.1 billion for the first quarter ending March 31, 2024. This is up from $14.5 billion a year ago.

In a statement, chief executive Ted Pick said: “As a result of strong net new asset growth, the firm has reached $7 trillion of client assets across Wealth and Investment Management.”

T. Rowe Price – 6,346,597 – 3.2%

The global asset manager, which was founded back in 1937, has 7,800 associates across the world and currently serves clients in 55 countries.

It has stated: “Our embedded experts in 17 markets worldwide access firsthand insights from companies, suppliers and regulators. This means we uncover opportunities that others might miss.”

In early January 2024, the firm reported preliminary month-end assets under management of $1.45 trillion as of December 31, 2023.

This breaks down into $802.9 billion equity assets, $170.9 billion fixed income, and $520.6 billion multi-asset.

According to SEC filings, the company holds 6,346,597 shares in Spotify, which gives it a stake of 3.2%.


TCV VII LP4,522,840 Shares – 2.5%

Technology Crossover Ventures VII is a 2008 vintage venture capital fund managed by TCV, according to PitchBook.

It stated that the fund was located in Menlo Park, California, and invests in US-based software and TMT sectors.

TCV has been partnering with global technology companies as a “leading growth equity investor” for nearly 30 years.

Its website lists the areas of focus as infrastructure software, fintech & payments, consumer/SME, and application software.

According to the latest SEC filings, the fund holds 4,522,840 shares in the company, which equates to a 2.5% stake.

The Bottom Line

Spotify has been a game-changing name in the world of entertainment, with its audio streaming service popular with millions of listeners across the world.

Its share price has more than doubled over the past year from $138.43 to $284.54 as the market closed on May 1, 2024.

This impressive increase benefits the company’s major shareholders, including the company’s co-founders, Daniel Ek and Martin Lorentzon, and leading investment managers, such as Baillie Gifford.


What is Spotify?

Who owns Spotify?

Is Spotify a public company?

How many SPOT shares are there?

How many shareholders does Spotify have?


  1. Spotify shares jump in record-setting direct listing (Reuters)
  2. Spotify shares jump in record-setting direct listing (Reuters)
  3. Spotify Technology – 6 Year Stock Price History  (Macrotrends)
  4. Spotify (SPOT) – basic shares outstanding (Companiesmarketcap)
  5. SPOT – Spotify Technology S.A. Stock – Stock Price, Institutional Ownership, Shareholders (NYSE) (Fintel)
  6. FORM 20-F (S29.q4cdn)
  7. Daniel Ek (Britannica)
  8. Sec Form 13G Filing – Ek Daniel G. filing for Spotify Technology S.A.Spotify Technology S.A. – 2024-02-09 (Secform4)
  9. Sec Form 13G Filing – Lorentzon Sven Hans Martin filing for Spotify Technology S.A.Spotify Technology S.A. – 2024-02-09 (Secform4)
  10. About us (Bailliegifford)
  11. Our history (Bailliegifford)
  12. Sec Form 13G Filing – BAILLIE GIFFORD & CO filing for Spotify Technology S.A.Spotify Technology S.A. – 2024-01-26 (Secform4)
  13. Tencent Holdings (Weforum)
  14. Spotify, tencent and tencent music entertainment Announce equity investments (Static.www.tencent)
  15. Sec Form 13G Filing – Tencent Holdings Ltd @ Spotify Technology S.A. – 2020-02-10 (Secform4)
  16. Sec Form 13G Filing – MORGAN STANLEY @ Spotify Technology S.A. – 2022-12-12 (Secform4)
  17. Release Details (Troweprice.gcs-web)
  18. Invest with Confidence | T. Rowe Price (Troweprice)
  19. Sec Form 13G Filing – PRICE T ROWE ASSOCIATES INC @ Spotify Technology S.A. – 2024-02-16 (Secform4)
  20. Technology Crossover Ventures VII (Pitchbook)
  21. Our Approach (Tcv)
  22. News & Perspectives  (Tcv)
  23. Sec Form 13G Filing – TCV VII LP @ Spotify Technology S.A. – 2020-02-14 (Secform4)

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Rob Griffin
Financial Journalist
Rob Griffin
Financial Journalist

Rob is a seasoned journalist with over three decades of experience spanning across business and finance journalism. Before embarking on a freelance career in 2002, he contributed his expertise to the business desks of notable publications such as The Guardian, Yorkshire Post, Sunday Business (now Business Post), and Sunday Express. Throughout his freelance journey, Rob has been a regular contributor to a wide range of national newspapers, consumer magazines, trade publications, and websites. His work has appeared in titles such as The Independent, Citywire, Daily Express, FT Adviser, and Sunday Telegraph, covering an array of subjects from market trends to…