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How Jack Dorsey just made Twitter’s stock jump 9%

Vanity Fair New Establishment Summit - Day 2Vanity Fair New Establishment Summit - Day 2
Jack DorseyPhotograph by Kimberly White — Getty Images for Vanity Fair

Twitter’s stock jumped 9% Monday after interim CEO Jack Dorsey and other company leaders announced notable purchases of the company’s stock.

Dorsey bought over 31,000 shares of stock, which amounts to about $875,000 worth, The New York Times reports, a minor addition to the nearly 22 million shares he already held. Board member Peter Currie bought about 9,200 shares at around $250,000. Peter Fenton, venture capitalist and board member, and Anthony Noto, Twitter’s chief financial officer, each purchased about $200,000 worth of stock.

By one interpretation, the stock purchases are a show of executive support for the beleaguered Twitter. The company’s stock recently hit an all-time low after the company reported weak user growth, while reports have surfaced of internal tension over the firm’s future.

 

Twitter is additionally in the middle of a search for a permanent CEO, with some prominent voices arguing that Dorsey, also a company co-founder and one-time CEO, should keep the job full-time. Dorsey’s move may be a leadership gesture meant to persuade any reticient members of the board that he has the skills to return as chief executive.