Twitter interim CEO Dorsey buys more shares in show of faith
Twitter Inc interim Chief Executive Jack Dorsey joined other insiders in buying more shares in the company in a show of confidence in the stock, which traded at a recordlow last week.
Dorsey, who stepped in as interim CEO on July 1, has been candid about the problems faced by the microblogging website. User growth in the second quarter increased at the slowest pace since the company went public in 2013. "Investing in @twitter's future," Dorsey tweeted on Monday, after disclosing he had bought 31,627 shares, worth about $875,000 at $27.67 per share. Dorsey now owns about 21.9 million shares, or about 3 percent of Twitter. Twitter's shares closed up 9 percent at $29.50 on Monday. The stock fell to a record low of $27.82 on Aug. 7 - just shy of the IPO price of $26. Separately, director Peter Currie disclosed he had bought and 9,200 shares worth about $249,000 at $27.03.