Twitter CEO Dorsey snaps up shares worth about $9.5 million

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File Photo: Jack Dorsey, CEO of Square and CEO of Twitter, speaks during an interview with CNBC following the IPO for Square Inc., on the floor of the New York Stock Exchange

(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.

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