Twitter Inc.’s (TWTR) stock has been climbing in recent days coming off a strong quarterly earnings report, a live TV streaming deal with Bloomberg and stock purchases by the company’s leader, Jack Dorsey.
Late Friday, Dorsey sent out a tweet informing the world he purchased another 574,002 shares of Twitter, bringing his purchases so far this year to 1 million shares. The outspoken CEO included a link to a Securities and Exchange Commission filing that details the purchases.
In the filing, Twitter disclosed Dorsey paid $16.62 a share in the latest action spending a little more than $9.5 million. This time around, he purchased greater than 400,000 shares. Dorsey’s purchase wasn’t perfectly timed given that he purchased shares after the stock had gained on the week. Shares of Twitter are trading more than 5% higher in stock market action Monday.
Following Friday’s stock purchase, Dorsey now owns more than 16 million shares, which MarketWatch pointed out it less than the amount of shares he held when Twitter went public back in 2013. At that time, Dorsey had more than 22 million shares of the social network platform. Last year he unloaded around 6.8 million shares, noted MarketWatch. On Valentine’s Day, Dorsey purchased shares of Twitter, revealing in an SEC filing (and a tweet with the hashtag #LoveTwitter) that he spent around $7 million to buy more shares in the company. Dorsey bought around 426,000 shares at prices between $15.84 to $16.60. Earlier in 2017, Dorsey has sold $11 million of shares in Square Inc. (SQ), the mobile payments company he also runs. The stock sales were part of a pre-scheduled trading plan, reported CNBC at the time. (See also: Twitter Signs Deals to Boost Live-Video Strategy.)
Since last week, shares of Twitter have been climbing after the company reported that it added 9 million monthly active users (MAUs) during the first three months of the year, blowing past Wall Street estimates.