Yesterday, Spotify filed papers to be listed on the New York Stock Exchange.
There's no date yet for the IPO (Initial public offering). But when it happens, Spotify's top execs or anyone with equity in the company should be in for a big financial windfall, as the streaming service is valued at around $23 billion.
It doesn't look like Tuma Basa, who developed Spotify's ultra-popular playlist RapCavier, will be among those getting paid.
That's because he exited the company today in a very surprising move.
Basa, who had the official title of Global Programming Head, Hip-Hop, had grown RapCavier into one of Spotify's top five playlists with just under 9m followers and a deal with Live Nation for live events.
“Tuma has been an incredible asset to the RapCaviar team, and we thank him for his contributions,” said Spotify in a statement. “The RapCaviar team, which is rapidly expanding with boots on the ground globally, is committed to building the brand and giving its users the best hip hop experience on the platform.”
No word from Basa or Spotify on why he left. But the timing is certainly interesting.