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CEO Jack Dorsey just bought $7 million in Twitter stock

Dorsey has confidence in Twitter’s future. Do investors?

by Kurt Wagner
Thurgood Marshall College Fund 28th Annual Awards Gala
Thurgood Marshall College Fund 28th Annual Awards Gala
Teresa Kroeger / Getty Images for Thurgood Marshall College Fund

Twitter CEO Jack Dorsey decided on Tuesday to show investors just how much confidence he has that Twitter can turn around its business.

Dorsey bought $7 million worth of Twitter stock this week, according to documents filed with the Securities and Exchange Commission Tuesday. The filing shows Dorsey made two separate purchases — he bought about $1 million in stock on Monday, and then $6 million worth of Twitter stock Tuesday.

Dorsey tweeted out the filing with the message “#LoveTwitter”; a company spokesperson declined to comment further.

It’s not tough to guess what Dorsey’s up to. Twitter just reported Q4 earnings and investors were not thrilled, sending the stock down nearly 10 percent on earnings day. The company missed revenue estimates and was on the low end of growth expectations. Buying some stock — a formal bet on himself and the company — is certainly a symbolic gesture from Dorsey.

It’s the first time Dorsey has bought shares since August 2015, when he bought a small amount shortly after becoming Twitter’s interim CEO.

The new shares represent about 3 percent of Dorsey’s overall Twitter holding. Twitter stock was up 5 percent on the day and another 1 percent in after-hours trading.

This article originally appeared on Recode.net.

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