I don’t believe the stakeholders listed in the article have sold for routine reasons, simply because the amounts of money they realized in the sale are tiny in

I don’t believe the stakeholders listed in the article have sold for routine reasons, simply because the amounts of money they realized in the sale are tiny in an absolute sense, especially for Sony and WMG. They didn’t hold the stock to make a small absolute profit from it (whatever the return rate is, at a small total sale price like a few hundred million it’s irrelevant). I think it only makes sense to materialize such a small profit right now if it’s based on highly negative outlook about Spotify’s valuation.