(CelebrityAccess) – Sony Music has sold 50% of its Spotify shares to the tune of a whopping $750 million.
The label previously owned 5.7% of Spotify’s stock – a total of 10,164,560 shares – before the streaming platform went public on April 3.
In an initial move that took place on Spotify’s first day on Wall Street, Sony liquidated 17.2% of its shares which realized approximately $260 million in gains. Last week the company purged yet another 32% of its shares for a total divestiture of 49.2%.
Though Sony Music now owns less than a 3% stake in the global streaming platform, the company certainly isn’t hurting for it. Spotify’s share price reached an all-time high of $163.90 yesterday, and according to MBW, at that rate, the remaining 50% of Sony’s initially held shares (5,082,280) would be worth a further $833m.