Jack Dorsey just spent $9.5M buying more Twitter stock

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 companys share price in after-hours trading.

Sourced from Google Finance.

According to an SEC filing, Dorsey purchased574,002 shares of Twitter stock at roughly $16.62. That price is either a steal, if you compare it to Twitters peak share price of almost $70or a pretty bad deal if youre looking at last weeks 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 hasnt actually made much fromhis purchase of over 400,000 shares back in February.

With both purchases combined,Dorsey has now grabbed up over1 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 Dorseys sale of Square stock has previously gone to fund his ownStart Small Foundation.

Read more: https://techcrunch.com/2017/04/28/jack-dorsey-just-spent-9-5m-buying-more-twitter-stock/