Remember when Jack bought all that Twitter stock to show confidence? Evan just sold even more (for way less)
Last year, Jack Dorsey was praised for showing his confidence in Twitter by buying a big chunk of stock in the company.
To be exact, Dorsey bought 31,600 shares for a little over $875,000.
Of course, it wasn’t long before reporters pointed out that the stock purchase represented only a small percentage of the Twitter shares that Dorsey had sold in the months before. Also, executives buy and sell stock all the time.
But that didn’t stop Dorsey bragging about “investing in @twitter's future”
So, following Dorsey’s own logic, what are we to make of the fact, revealed in a new SEC filing, that his co-founder Evan Williams just decided to offload 37,600 shares? That is, 6,000 more than Dorsey’s vote of confidence buy.
Williams sold his stock last Thursday, the day after the price began its latest plummet. The average price at the time of sale was at $21.23, netting Williams $798,248.00. A few days later, the stock hit a new all-time low of $19.26. Phew! Way to roll under the closing door, Indiana Williams!
That said, had the stock remained at the level it was at last year when Dorsey took over, the value of Williams’ recently sold shares would be over a million dollars. His old pal Jack has cost him more than $200,000 dollars (and counting!) That should make for a fun next board meeting.
A few days before Williams sold his stock, COO Adam Bain sold 23,865 of his own shares, netting him $552,236.10.