Jack Dorsey is at it again — after purchasing $7 million in Twitter stock back in February, the Twitter CEO bought another $9.5 million today. After making his purchase, Dorsey posted the news on Facebook Twitter, sparking a one percent gain in the company’s share price in after-hours trading.
Sourced from Google Finance.
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.
Earlier this week, Twitter reported to investors 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.
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