Billionaire CEO Jack Dorsey’s Recent Twitter Investment Makes Him $10 Million Richer

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Jack Dorsey made a bundle on his 2017 purchases of a million Twitter Inc. shares, but he could have had much more if he hadn’t sold millions of Square Inc. shares during that stock’s big rally.  Dorsey announced via Twitter last February, that he’d purchased 426,000 shares of the company. About two months later, he announced on the platform that he’d bought 574,000 shares at a weighted average of $16.62 a share.

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Twitter’s stock has been on a tear of late, hitting a new 52-week intraday high Tuesday and trading higher than its IPO price of $26 for the first time since late 2015. With Tuesday’s highs, Dorsey’s 2017 purchases of Twitter stock had increased in value by $9.9 million. Twitter stock is up more than 60% from when Dorsey made his first stock purchases, while the S&P 500 index has gained about 21%.

 

Dorsey sold 381,500 shares at a weighted average price of $12.56 on Nov. 29, 2016, according to the first filing that discusses his 10b5-1 plan, and continued selling that many shares every two weeks into May. He then made a few more periodic sales as part of the plan through the end of the year.

 

All in all, Dorsey sold roughly 5.5 million Square shares during the course of about a year, and the stock enjoyed a meteoric rise during that time, jumping 186%, far ahead of the S&P 500 index’s 22% gain.

Written By: Tommy Lightfoot Garrett
Photographs are Courtesy:  AP; Disney
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