Down 55%, Spotify's CEO Recently Bought Shares. Should Investors Follow Suit?

Investor sentiment has cratered of late, and you don't have to look far to see why. The Fed has decided to raise interest rates in order to tamp down inflation, and economic impacts linked to the war between Russia and Ukraine continue to adversely affect businesses globally. Technology stocks have been the most vulnerable as investors head for the exits and seek protection in value-oriented companies and safer assets.

Year to date, the Nasdaq Composite has plunged 28%, with no signs of turning the corner anytime soon. But with tech stocks down significantly from all-time highs, investors are now left with some promising buying opportunities -- at least the smart money thinks so. The CEO and co-founder of Spotify Technology (NYSE: SPOT), Daniel Ek, bought $50 million worth of shares in early May, asserting to investors that the company's "best days are ahead." Serving as the frontrunner in a massive secular growth market, Ek clearly believes that his company's growth story is far from over.

With the music streaming leader down 55% since the start of the year, should investors hop on board right now?

Source Fool.com