Daniel Ek, co-founder and CEO of Spotify, is spending $50 million on his music streaming service, claiming that the “greatest days are yet to come.” Following the announcement late Friday, Spotify’s stock soared more than 3% to $108.98 per share. Spotify shares hit their lowest point ($95.22) since going public on the New York Stock Exchange last month.

“I’ve always been vocal about my strong belief in Spotify and what we are building. So I am putting that belief into action this week by investing $50M in $SPOT. I believe our best days are ahead,” Ek said in a tweet.

Admitting that he is not required to disclose these purchases because of the foreign company status, Ek said that “I thought it was important for shareholders to know”.

Spotify reports a steady spike in its Premium members to count

Despite the Joe Rogan issue concerning Covid disinformation on his podcast, Spotify announced last month that its premium members increased 15% year over year to 182 million in the first quarter (Q1) of 2022, up from 180 million the previous quarter.

Monthly active users (MAUs) increased 19% year over year to 422 million, up from 406 million last quarter and above the company’s expectation by 4 million.

Spotify claimed in a statement that premium subscriber growth was “slightly below our guidance” after “excluding the involuntary churn of around 1.5 million customers as a result of our pullout from Russia” in the aftermath of the Ukraine invasion. Spotify was the first music streaming service to launch on the popular virtual gaming platform Roblox this week.