Twitter‘s stock shot up by more than 3% in early trading Monday after the company announced that its CEO and two of its cofounders have no immediate plans to sell shares.
In a filing with the SEC, Twitter noted cofounders Evan Williams and Jack Dorsey, as well as CEO Dick Costolo, “have no current plans to sell any of their shares of Twitter common stock.”
The news comes just a few weeks before a major stock lockup period ends, allowing an additional 480 million shares of Twitter stock to hit the market.
Twitter went public just more than six months ago and saw its shares nearly triple from its IPO price at one point. In recent days, however, Twitter stock tumbled back near its all-time low due to concerns about the lockup expiration and broader declines with Internet stocks.
At the time of writing, Twitter stock had dipped back down somewhat and was essentially flat on the day.
Written by Seth Fiegerman. To read the full article, click here. For more information on creating your own online brand, website and social media strategy, please visit our website at www.mydigibrand.com and follow us everywhere @mydigitalbrand.