Twit­ter in­terim CEO Dorsey buys more shares in show of faith

The Pak Banker - - COMPANIES/BOSS -

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.

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