Twitter CEO Dorsey snaps up shares worth about $9.5 mln

Big 5

Twitter Inc Chief Executive Jack Dorsey snapped up more than half a million of the company’s shares for about $9.5 million, a regulatory filing on Friday showed.

Dorsey bought 574,002 Twitter shares in multiple transactions at prices ranging between $16.47 and $16.74 per share, according to the filing.

It adds to the roughly $7 million worth of Twitter stock Dorsey bought earlier this year, bringing the total number of shares he has purchased this year to one million, the CEO said in a tweet.

According to the filing, Dorsey now owns about 16 million Twitter shares, which equates to a stake of about 2.2 percent in the company he co-founded.

Dorsey’s disclosure comes a day after Twitter reported better-than-expected user growth for its first quarter, following several quarters of stalled growth.

Twitter’s shares rose one percent to $16.65 after the bell on Friday.

The stock closed up nearly five percent in regular trading on Friday, adding to a gain of roughly eight percent on Thursday when the company reported its results.

Source: Reuters

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