Twitter’s CEO Jack Dorsey Purchases Another $9.5M In Stock After Powerful First Quarter Earnings

 Jack Dorsey remains one of Silicon Valley’s sharpest CEO’s. Just after purchasing nearly $7 million in Twitter stock in February, the Twitter CEO bought another $9.5 million on Friday.  After making his purchase, Dorsey posted the news on his Twitter account, sparking a one percent gain in the company’s share price in after-hours trading.
According to an SEC filing, Dorsey purchased 574,002 shares of Twitter stock at roughly $16.62. That price is either a steal, if you compare it to Twitter’s peak share price of almost $70 or a pretty bad deal if you’re looking at last week’s share price that was $2 lower. Either way, the CEO is expressing confidence in his company that just posted its first decent earnings report in a while.jackdorsey-kjDD--621x414@LiveMintEarlier this week, Twitter reported that it brought in $548 million in revenue in Q1 2017, beating investor expectations of $511.9 million. That sent Twitter stock on an upward trajectory, benefitting shareholders. But despite all the good news, Dorsey hasn’t actually made much from his purchase of over 400,000 shares back in February.

With both purchases combined, Dorsey has now grabbed up over 1 million additional shares of Twitter stock this year alone. In contrast, he has been dumping stock from his side-hustle Square. The share price for Square stock has been on the rise. The money from Dorsey’s sale of Square stock has previously gone to fund his own Start Small Foundation.

Written By: Tommy Lightfoot Garrett
Photographs are Courtesy: AP
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