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Spotify’s CFO and general counsel sold millions of dollars worth of stock the day after the layoff.
First spotted by Podnews, new SEC filings indicate that Spotify chief financial officer Paul Vogel and general counsel Eve Konstan exercised options and sold stock worth $9.38 million and $1.15 million, respectively.
On Tuesday, the day after the company announced a layoff of 17 percent of its staff, the stock price hit a high of $199.97, up 10.7 percent compared to its Friday closing price of $180.69. It is possible the sales were automatically triggered by the stock price hitting a certain level. Spotify did not immediately return request for comment.
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