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Twitter CEO Dorsey snaps up shares worth about $9.5 million
April 28, 2017 / 9:34 PM / 7 months ago

Twitter CEO Dorsey snaps up shares worth about $9.5 million

(Reuters) - Twitter Inc Chief Executive Jack Dorsey snapped up more than half a million of the company’s shares for about $9.5 million, a regulatory filing on Friday showed.

File Photo: Jack Dorsey, CEO of Square and CEO of Twitter, speaks during an interview November 19, 2015. REUTERS/Lucas Jackson/Files

Dorsey bought 574,002 Twitter shares in multiple transactions at prices ranging between $16.47 and $16.74 per share, according to the filing. bit.ly/2oUhQFO

That adds to the roughly $7 million worth of Twitter stock Dorsey bought earlier this year, bringing the total number of shares he has purchased this year to 1 million, the CEO said in a tweet.

According to the filing, Dorsey now owns about 16 million Twitter shares, which equates to a stake of about 2.2 percent in the company he co-founded.

Dorsey’s disclosure comes a day after Twitter reported better-than-expected user growth for its first quarter, following several quarters of stalled growth.

Twitter’s shares rose 1 percent to $16.65 after the bell on Friday.

The stock closed up nearly 5 percent in regular trading on Friday, adding to a gain of roughly 8 percent on Thursday when the company reported its results.

Reporting by Narottam Medhora in Bengaluru; Editing by Savio D'Souza

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