Twitter executives have just bought up the company’s stock in what is being interpreted as a show of support for the stuttering social media giant.
The company’s co-founder and interim chief executive Jack Dorsey bought more than 31,000 shares of Twitter stock on Monday, totalling $875,000.
Dorsey, who holds nearly 22 million shares in the business, announced over Twitter that he was investing in the company and included a link to a receipt of the purchase.
— Jack (@jack) August 10, 2015
Twitter board member, Peter Currie, followed Dorsey’s lead with a purchase of around 9,200 shares, equalling $250,000 in stock, while venture capitalist and Twitter board member Peter Fenton purchased about $200,000 in stock on Friday. Twitter’s chief financial officer Anthony Noto followed suit with a similar sized purchase.
The acquisitions represent a modest addition to some of the executives’ holdings however they are seen as a showing of vehement support during one of the most difficult times in Twitter’s nine years.
In the past year, Twitter loyalists have become increasingly disillusioned with the company’s ability to compete for new users with the likes of Instagram, Snapchat and Facebook. This feigning support has left Twitter’s stock a far way off its opening day heights of $50 with it now trading for around $28.
The company has yet to announce its next chief executive however one of the company's leading investors, Chris Sacca, has made clear his desire to see Jack Dorsey named the company's next boss.