As Spotify announced it was to lay off around 1,500 staff, leaving people in crisis, a senior Spotify chief cashed in with a major Spotify shares sale, reports The Guardian.
It comes as people have accused major companies of ‘greedflation,’ as us mere mortals struggle on with the seemingly never ending cost of living crisis.
Spotify shares sale
The company traded at $180 a share by Monday, the day of the huge job cuts announcement, it surged to $194 rising to $199 on Tuesday, when the SEC filing shows Paul Vogel offloaded 47,859 shares.
In total he cashed in more than $9m (£7.2m).
The sale of stock immediately after a round of cuts is completely legal, but it leaves a bitter taste with many people.
Sacking staff then making millions at the same time is peak capitalism, and the feeling is people, even on the right, have had enough.
Reduce Costs
“Despite our efforts to reduce costs this past year, our cost structure for where we need to be is too big,” Spotify’s founder and chief executive, Daniel Ek, said in a blog post announcing the cuts on Monday.
“I recognise this will impact a number of individuals who have made valuable contributions. To be blunt, many smart, talented and hard-working people will be departing us.”
Spotify cut 6% of its jobs in January, bringing its global workforce down to 9,200, and four months later it cut another 200 jobs.
