Spotify CFO cashes in £7.2m in shares after value surges on news of job cuts

Price of shares in music streaming service leaped after announcement it was laying off almost a fifth of its workforce

One of Spotify’s top executives cashed in more than $9m (£7.2m) in shares as the value of the world’s biggest music streaming service surged after it announced it was laying off almost a fifth of its workforce to cut costs.

Paul Vogel, Spotify’s chief financial officer, moved to sell the $9.4m worth of stock on Tuesday, a day after investors sent the company’s share price soaring in response to reports that the cuts would help it sustain profitability amid slowing economic growth.