By the time you're in a position to buy 100M of anything, the way you extract and calculate value fundamentally changes. Spotify is a public company with a mark

By the time you're in a position to buy 100M of anything, the way you extract and calculate value fundamentally changes. Spotify is a public company with a market cap of ~$50 billion so even a 1% movement in stock price can mean hundreds of millions of dollars of extra capital through stock sales or credit lines and easier recruiting. It can mean meeting contractual obligations on existing credit lines or stock heavy acquisitions that make or break other, more important deals. It can mean that one big media story they need every quarter to maintain brand awareness and maintain an intangible mote or keeping a well respected exec around longer by scratching their ego, delaying the possible depression in the stock price when they leave. Hell, their original content department might be really good at their job and so they had to fill a 100M hole in their budget so their budget grows instead of shrinks the year after. Usually though, it means empire building and millions in bonuses for executives who won't be held accountable for the long term effects of the move.