Martin Lorentzon — The Larger Vote
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The co-founder nobody writes about has the bigger vote.
Who they are
Martin Lorentzon, who started Spotify with Daniel Ek[1].
What they do
On the numbers in the annual report, he outvotes Ek.
How it works
He holds 19 million shares — 9.3% — and 190 million of the vote-only certificates, which is 61% of all of them. That gives him 40.5% of the vote. Ek has 28.6 million shares and 120 million certificates: 28.8%. The shares sit in a Cyprus company called Rosello, owned through another called Amaltea, owned by him[2].
Why it matters
The filing's figures give Lorentzon the larger block and the larger vote. Recorded as structure; nothing is claimed about what either man does with it.
The engine's record — word for word
Spotify co-founder. Per the FY2025 Form 20-F beneficial-ownership table, read this session: 19,050,367 ordinary shares (9.3%) and 190,000,000 beneficiary certificates (61.3% of certificates outstanding), giving 40.5% of total voting power — against Daniel Ek's 28,625,267 shares (13.9%), 119,932,980 certificates (38.7%) and 28.8% of total voting power[1]. Holdings are centralised in Rosello Company Limited (19,000,000 shares), of which Amaltea S.à r.l. is sole shareholder and Lorentzon sole shareholder of Amaltea; registered 22 Stasikratous Street, Office 001, 1065 Nicosia, Cyprus[2]. RECORDED FROM THE FILING: the co-founder who receives almost no public coverage holds the larger certificate block and the larger vote. The engine records the structure and makes no claim about direction, coordination or intent. Name no holder.
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