Spotify Shares Fall 5% On CEO Transition Announcement

(RTTNews) - Spotify Technology S.A. (SPOT) shares declined 5.10 percent to $691.34 on Tuesday, down $37.12, following the announcement that Founder and CEO Daniel Ek will transition to Executive Chairman effective January 1, 2026. The stock opened at $705.26 and traded between $677.99 and $711.00, compared with a previous close of $728.47 on the New York Stock Exchange. Trading volume reached 2.93 million shares, above the average of 1.86 million. Spotify's 52-week range spans $362.31 to $785.00.

Gustav Söderström, co-President and Chief Product and Technology Officer, and Alex Norström, co-President and Chief Business Officer, will assume roles as co-CEOs, reporting to Ek and serving on the Board pending shareholder approval.