CEO Jack Dorsey just bought $9.5 million worth of shares after Twitter beat on earnings
CEO Jack Dorsey has purchased an additional $9.5 million in Twitter shares - just two days after his company reported better than expected earnings for its first quarter.
Dorsey bought 574,002 shares of Twitter on Friday, according to a filing with the SEC. He confirmed the purchase in a tweet and noted that he's bought a total of 1 million shares in 2017.
Based on his exercised share price of $16.62 on Friday, Dorsey's latest purchases means that he now owns roughly $267 million worth of shares.
His cheerleading of Twitter's stock is in stark contrast to his cofounder Evan Williams, who recently announced that he plans to sell 30% of his shares over the next year. Early Twitter investor Chris Sacca recently said that he's unloaded all of his shares since Dorsey took over as CEO.
Twitter has taken a beating on Wall Street over the past several quarters for its slowed user and revenue growth. The company just reported better than expected growth across the board for its last quarter, but its revenue declined year-over-year for the first time.