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Those figures come from Spotify Technology S.A.’s Form 20-F filed February 10, 2026. The filing is the key source because it distinguishes ordinary shares, beneficiary certificates, and total voting power—three measures that answer different ownership questions.
Key takeaways
- Spotify is a publicly traded company, so the public owns its economic shares rather than Daniel Ek, Martin Lorentzon, or Tencent owning the entire company.
- Martin Lorentzon had the largest disclosed voting-power stake, 40.5%, in Spotify’s ownership table measured on December 31, 2025.
- Daniel Ek held 28.8% of total voting power and 13.9% of ordinary shares in the same December 31, 2025 disclosure.
- Tencent held 8.1% of Spotify’s ordinary shares but was not reported as holding beneficiary certificates.
- Spotify’s beneficiary certificates provide additional votes without economic rights, giving the founders much more voting influence than their ordinary-share percentages suggest.
- Daniel Ek became Executive Chairman on January 1, 2026, while Alex Norström and Gustav Söderström became co-CEOs.
Who really owns Spotify?
The most accurate answer is that the public owns Spotify economically through publicly traded shares, while founders Daniel Ek and Martin Lorentzon retain dominant voting influence. According to Spotify’s Form 20-F filed February 10, 2026, the latest annual ownership snapshot measured as of December 31, 2025, Lorentzon had 40.5% of total voting power, Ek had 28.8%, and Tencent held 8.1% of ordinary shares.
That distinction matters. Daniel Ek does not privately own Spotify, and Tencent does not control Spotify simply because Tencent is a significant shareholder. Spotify Technology S.A. is a public company with many shareholders, but Spotify’s dual-instrument share structure gives its founders voting power well beyond their ordinary-share holdings.
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Who has the most control over Spotify?
Martin Lorentzon had the largest individually disclosed voting-power stake in Spotify’s latest annual ownership table, at 40.5%, followed by Daniel Ek at 28.8%.
| Person or company | Ordinary shares | Beneficiary certificates | Reported voting power | What the figure means |
|---|---|---|---|---|
| Martin Lorentzon | 19,050,367 shares, or 9.3% | 190,000,000, or 61.3% | 40.5% | Largest disclosed voting-power stake |
| Daniel Ek | 28,625,267 shares, or 13.9% | 119,932,980, or 38.7% | 28.8% | Founder with the second-largest disclosed voting-power stake |
| Tencent | 16,631,969 shares, or 8.1% | None reported | No founder-style additional voting block reported | Important minority shareholder |
Spotify reported these percentages using 205,832,527 ordinary shares and 309,932,980 beneficiary certificates outstanding as of December 31, 2025. The combined reported voting power of Ek and Lorentzon was 69.3%, calculated by adding the two company-reported percentages. That 69.3% is a derived figure, not a separately published ownership category.
The ownership table is a dated annual snapshot rather than a live cap table. Purchases, sales, option exercises, transfers, or other transactions after December 31, 2025 may have changed individual holdings.
How do Spotify’s beneficiary certificates work?
Spotify’s beneficiary certificates are instruments that give their holders additional votes without giving them economic rights. Spotify says the certificates were issued at a ratio of ten beneficiary certificates for each ordinary share held of record by entities beneficially owned by the founders, and each certificate carries one vote.
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In practical terms, an ordinary share answers one question—how much economic exposure does a shareholder have? Voting power answers another—how much influence can that shareholder exercise over shareholder decisions? Spotify’s structure separates those two concepts.
| Measure | Daniel Ek | Martin Lorentzon | Why it matters |
|---|---|---|---|
| Ordinary-share percentage | 13.9% | 9.3% | Shows the disclosed ordinary-share holding and related economic exposure |
| Beneficiary-certificate percentage | 38.7% | 61.3% | Shows the founders’ share of the additional-vote instruments |
| Total voting power | 28.8% | 40.5% | Shows influence after ordinary shares and beneficiary certificates are counted |
Spotify’s filing also says the beneficiary certificates are generally non-transferable. The certificates are automatically canceled without consideration if the linked ordinary share is sold or transferred, subject to specified exceptions. That restriction helps explain why the additional voting power is associated with the founders’ holdings rather than functioning like freely tradable stock.
Does Daniel Ek still own Spotify?
Daniel Ek remains a founder and major voting-power holder, but Daniel Ek does not own Spotify outright. Spotify’s Form 20-F reported that Ek held 28,625,267 ordinary shares, equal to 13.9% of ordinary shares, plus 119,932,980 beneficiary certificates, producing reported total voting power of 28.8% as of December 31, 2025.
Daniel Ek’s corporate role also changed. Spotify announced on September 30, 2025, that Ek would move from Chief Executive Officer to Executive Chairman effective January 1, 2026. Alex Norström and Gustav Söderström became co-CEOs.
“As Executive Chairman, Ek’s role will more closely reflect a European Chairman setup, where he will determine capital allocation, map the long term future of Spotify and continue to provide support and guidance to its senior team.” — Spotify, September 30, 2025
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Spotify’s investor-relations governance pages identify Ek as Founder and Executive Chairman and Lorentzon as Co-Founder and Director. Ek therefore remains highly influential through both his voting position and his board-level role, even though he is no longer the company’s chief executive.
How much of Spotify does Martin Lorentzon own?
Martin Lorentzon held 9.3% of Spotify’s ordinary shares and 40.5% of total voting power in Spotify’s ownership table measured as of December 31, 2025. Lorentzon’s voting-power percentage was much higher than his ordinary-share percentage because he held 190,000,000 beneficiary certificates, or 61.3% of the certificates reported in the filing.
That makes Lorentzon the largest individually disclosed voting holder in the latest annual table. Calling Lorentzon Spotify’s “owner” without qualification would still be misleading: the 40.5% figure describes voting power, not 40.5% economic ownership of the company.
Does Tencent own Spotify?
Tencent does not own Spotify outright. Tencent held 16,631,969 ordinary shares, or 8.1% of Spotify’s ordinary shares, in the ownership table measured as of December 31, 2025; Spotify reported no beneficiary certificates for Tencent.
Spotify identified the Tencent-related holdings through TME Hong Kong, Image Frame, Tencent Mobility Limited, and Distribution Pool Limited. Spotify’s filing says Tencent is the majority equity holder of Tencent Music Entertainment, which is the sole shareholder of TME Hong Kong, while Image Frame, Tencent Mobility Limited, and Distribution Pool Limited are wholly owned by Tencent Holdings Limited.
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Tencent is therefore an important strategic and financial shareholder, but the latest annual table does not show Tencent with the founders’ additional voting block. Tencent’s 8.1% ordinary-share position should not be described as control of Spotify.
Who runs Spotify now?
Spotify’s operational leadership changed on January 1, 2026: Alex Norström and Gustav Söderström became co-CEOs, while Daniel Ek became Executive Chairman. Ek’s stated focus includes Spotify’s long-term future, capital allocation, and continued engagement with the board and co-CEOs.
Ownership, voting control, board influence, and daily management are separate questions. Lorentzon had the largest disclosed voting-power position; Ek remained a powerful founder and Executive Chairman; and Norström and Söderström took on the co-CEO responsibilities for operating the business.
| Question | Best-supported answer |
|---|---|
| Who has the largest disclosed voting stake? | Martin Lorentzon, at 40.5% in the December 31, 2025 table |
| Who founded Spotify? | Daniel Ek and Martin Lorentzon |
| Who was Spotify’s CEO from January 1, 2026? | Neither founder; Alex Norström and Gustav Söderström became co-CEOs |
| Who is Spotify’s Executive Chairman? | Daniel Ek |
| Is Tencent the controlling owner? | No; Tencent held 8.1% of ordinary shares and no reported beneficiary certificates |
What did Spotify’s 2026 shareholder meeting confirm?
Spotify held its 2026 annual general meeting of shareholders and holders of beneficiary certificates on April 15, 2026. According to the company’s annual-meeting results filing, shareholders approved the annual accounts and consolidated financial statements for the year ended December 31, 2025, along with other proposals.
The meeting confirms that beneficiary-certificate holders remain part of Spotify’s formal governance structure. The meeting results do not replace the December 31, 2025 beneficial-ownership table with a newer company-wide ownership snapshot.
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What should “owns,” “controls,” and “runs” Spotify mean?
The clearest way to discuss Spotify’s ownership is to use separate definitions instead of treating every form of influence as ownership.
- Economic ownership: Ordinary shares and the related financial exposure to the company.
- Voting power: Ordinary shares combined with the votes attached to beneficiary certificates.
- Strategic influence: Founder status, board membership, and the ability to influence long-term decisions.
- Operational management: The executives responsible for running the company day to day—in this case, the co-CEO structure effective January 1, 2026.
- Time basis: The date when the ownership figures were measured, not necessarily the date when an article is read.
Using those definitions produces the most precise answer: the public owns Spotify’s traded economic interests; Martin Lorentzon had the largest disclosed voting stake; Daniel Ek remained a major founder-voter and became Executive Chairman; Tencent held a significant minority position; and the co-CEOs ran daily operations from January 1, 2026.
Frequently Asked Questions
Does Daniel Ek own Spotify?
Spotify is not privately owned by Daniel Ek. Spotify Technology S.A. is publicly traded, while Ek held 13.9% of ordinary shares and 28.8% of total voting power in the ownership table measured December 31, 2025.
Does Tencent own Spotify?
No. Tencent held 8.1% of Spotify’s ordinary shares as of December 31, 2025, and Spotify reported no beneficiary certificates for Tencent. The filing did not show Tencent controlling Spotify’s vote.
Who has the most control over Spotify?
Martin Lorentzon had the largest disclosed voting-power stake at 40.5% as of December 31, 2025. Daniel Ek had 28.8% of total voting power.
What are Spotify beneficiary certificates?
Spotify beneficiary certificates provide additional votes without economic rights. Spotify reported that each certificate carries one vote, and the certificates are generally non-transferable and linked to founders’ ordinary-share holdings.
The Bottom Line
Bottom line: Spotify is publicly owned through its traded shares, but its founders retain dominant voting influence through beneficiary certificates. In Spotify’s latest annual disclosure, measured December 31, 2025, Martin Lorentzon held 40.5% of voting power, Daniel Ek held 28.8%, and Tencent held 8.1% of ordinary shares without beneficiary certificates.
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