Inside Financial Markets

As one Twitter cofounder purchases stock, another offers his Shares

Twitter co-founder Jack Dorsey likes the stock lower than $30, while fellow co-founder Evan Williams sold.
Twitter co-founder Jack Dorsey likes the stock lower than $30, while fellow co-founder Evan Williams sold.

Twitter Inc.’s co-founders reacted very differently to the stock’s first close lower than $30 last week, with Jack Dorsey buying on the dip and Evan Williams selling.

Dorsey, the social network’s interim chief executive officer, bought 31,627 shares of Twitter TWTR, +9.10% on Friday at an average price of $27.67, according to a Securities and Exchange filing.

The move brings Dorsey’s total holdings in the company to 21,856,513 shares, which represents about 3.3% of the shares outstanding, according to FactSet.

But Williams, who is Twitter’s largest shareholder and on its board of directors, sold 372,000 shares over the course of Tuesday and Wednesday, at a weighted average price of $29.21. That brings his holdings in the company to a little less than 47 million shares, or just more than 7% of the shares outstanding, according to FactSet.

So far, both Dorsey and Williams are “in the money” with their trades. The stock surged 4.2% to $28.18 in midday trade Monday, which was in between the average prices of Dorsey’s and Williams’s trades.

 The stock had tumbled 26% since Twitter reported second-quarter results after the July 28 close, through Friday’s record-low close of $27.04. The all-time intraday low, hit Friday, was $26.87.

Separately, Chief Financial Officer Anthony Noto was on Dorsey’s side. He bought a total of 6,950 Twitter shares over three days last week, at a weighted average price of about $28.68, to take his total holdings to 1,328,663 shares.

Senior vice president of engineering Alexander Roetter sold a total of 20,580 shares between Monday and Thursday at an average price of $29.09.

The following are the changes in beneficial ownership by insiders last week:

[button color=”” size=”” type=”” target=”” link=””]Twitter’s insider trades executed last week[/button]
Insider name Position Trade date Amount bought (or sold) Weighted average price ($)
Jack Dorsey Interim CEO, co-founder 08/07 31,627 27.6669
Peter Currie Director 8/07 9,200 27.03
Peter Fenton Director 8/07 7,260 27.7319
Alexander Roetter Senior VP, Engineering 8/03-8/06 (20,580) 29.09
Anthony Noto CFO 8/04-8/06 6,950 28.68
Evan Williams Director, co-founder 8/04-8/05 (372,000) 29.21
Vijaya Gadde General Counsel 8/03 (11,720) $29.74
Kevin Weil Senior VP, Product 8/03 (18,623) $29.74
Total net insider trades: 367,886 shares sold
Source: Securities and Exchange Commission filings, MarketWatch

Baqar Hussain

A Wannabe CFO, just had stepped in the corporate sector, willing to explore every aspect here and learn as mush as i can, awareness for those who dont, get the info where ever possible and stay up to date always.

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Inside Financial Markets was a joint publication of Pakistan Stock Exchange (PSX)and Society of Technical Analysts Pakistan (STAP)