Lorentzon is the co-founder and a board member of Spotify, a digital music-streaming service that has more than 600 million monthly users. The Stockholm-based company gets a monthly subscription fee for ad-free listening from almost half of its customers. Spotify reported revenue of $13.2 billion in 2023.
The majority of Lorentzon's fortune is derived from his stake in Spotify, a music streaming service. Spotify has 602 million users, according to the company's website in February 2024.
The billionaire owns 11% of the ordinary shares through the Rosello holding company, according to a Feb. 8, 2024 filing. He also has about 209 million beneficiary certificates that give him additional votes but have no economic value, according to the company's 2023 annual report.
Lorentzon said in 2021 he owns a 90% stake in Cervantes Capital AB, a private investment firm. Its investments include software provider Christian Berner Tech Trade AB and Soder Sportfiske AB.
Alison Bonny, a Spotify spokesperson, declined to comment on the net wealth calculation.