Saturday 24 March 2018

Twitter interim chief buys more shares

Twitter boss Jack Dorsey
Twitter boss Jack Dorsey

Devika Krishna Kumar

Twitter interim Chief Executive Jack Dorsey joined other insiders in buying more shares in the company in a show of confidence in the stock, which traded at a record-low last week.

Mr Dorsey, who stepped in as interim boss on July 1, has been candid about the problems faced by the microblogging website.

User growth in the second quarter increased at the slowest pace since the company went public in 2013.

"Investing in @twitter's future," Dorsey tweeted yesterday, after disclosing he had bought 31,627 shares, worth about $875,000 at $27.67 per share.

Dorsey now owns about 21.9m shares, or about 3pc of Twitter.

Separately, director Peter Currie disclosed he had bought 9,200 shares worth about $249,000 at $27.03.

Twitter's shares were up 6.6pc at $28.83 at midday yesterday. The stock fell to a record low of $27.82 last week - just shy of the IPO price of $26.

Chief financial officer Anthony Noto and another director, Peter Fenton, disclosed share purchases in the company last week. (Reuters)

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business