Spotify’s Sharp Tune: Billionaire CEO Daniel Ek Announces 17% Workforce Cut Amid Economic Challenges

Spotify, the world’s leading music streaming service, is set to slash over 1,500 jobs, constituting 17% of its workforce. The announcement comes as the company grapples with economic headwinds and increased borrowing costs, marking the third and most substantial round of redundancies in 2023. Daniel Ek, Spotify’s billionaire founder and CEO, broke the news in a message to employees published on the company’s website. Ek attributed the job cuts to a slowing global economy and heightened borrowing costs, acknowledging the need for a leaner structure in the face of mounting challenges. He assured affected employees of a one-on-one conversation with…