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.
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 $29.09.
The following are the changes in beneficial ownership by insiders last week:
|Twitter’s insider trades executed last week|
|Insider name||Position||Trade date||Amount bought (or sold)||Weighted average price ($)|
|Jack Dorsey||Interim CEO, co-founder||08/07||31,627||27.6669|
|Alexander Roetter||Senior VP, Engineering||8/03-8/06||(20,580)||29.09|
|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|