Jack Dorsey, the Chief Executive of Twitter, loves the micro-blogging site a whole lot more than you think he does and he proved it this Valentine’s day. On the 14th of February, the Co-founder of the micro-blogging site tweeted out his affection for his popular but struggling social network. He even included the hashtag #LoveTwitter in his post.
CEO Dorsey loves Twitter, buys $7M worth of Twitter Stock
In the post, the CEO linked to an SEC document detailing the roughly 426,000 shares of the company’s stock that he has purchased for around $7 million. There was some praise but there was a healthy dose of skepticism within the Twitterverse as well.
The decision of Dorsey to buy the stock of the micro-blogging giant comes almost a week after the social network announced its 2016 fourth-quarter revenue, which did not meet all the expectations of Wall Street analysts, and its user growth grew less than 1%. The disappointed investors were expecting some damage to be caused by the constant tweeting of the US President Donald Trump but there was no damage. Last week, the co-founder and CEO of Twitter said the social network will be “more inventive and take bigger risks.”
The amount $7 million is a lot of money for common folks like us but it is just a rounding error for a person like Jack Dorsey. According to Forbes, Dorsey, who runs mobile payments company Square as well, has a net worth of about $1.27 billion.
According to regulatory filings posted on Tuesday, Twitter co-founder and CEO increased his stake in the micro-blogging giant by purchasing around $7 million worth of shares. Dorsey tweeted about the stake on 14th Feb, by accurately adding the hashtag “Love Twitter.” He has bought around 426,000 of the shares, at prices ranging from $15.84 to $16.60, adding up to about $7 million.
Jack Dorsey also sold shares in Square
In separate news, the CEO of Square and Twitter has sold more than $11 million worth of shares in Square as well. Since the beginning of 2017, Dorsey has sold more than $11 million worth of shares as part of a pre-scheduled trading plan. Now after the social network reported earnings guidance that dropped far short of what Wall Street expected for the Q4 of 2016, the shares of the micro-blogging site are down more than 9.5% over the past week.
However, Dorsey reiterated his support for the social media company during the earnings call. He said during the call, “Late last year we really flattened the organization, so that we could elevate engineering product and design, so they report directly to me, so I could be a lot closer to the products.”
Further, the CEO said, “Now that we spent a year really going through and making sure that we reset the foundation on what we’re executing, what our priorities are and how we execute from an engineering perspective, we have a lot more confidence that we can move a lot faster on bigger things.”
Twitter did not immediately respond to request for comment.