SAN FRANCISCO – Two Twitter executives have given the company a $2.25 million vote of confidence.
Documents filed Thursday revealed Twitter Executive Chairman Omid Kordestani spent about $2 million to buy 122,250 shares of the company’s stock earlier this week. A separate filing revealed Chief Financial Officer Anthony Noto spent nearly $250,000 for 15,500 shares of Twitter.
The show of faith helped lift Twitter’s stock by more than 5 per cent in Thursday’s trading.
Investors have been selling Twitter because the company’s messaging service has been struggling to broaden its audience. The slowdown has raised doubts about its prospects for future growth.
Despite Thursday’s gains, Twitter’s stock closed at $18.43, well below its November 2013 initial public offering price of $26 and even further from its peak price of $74.73 reached a month later.