An article on Wall Street Journal reported that Twitter Inc (NYSE:TWTR) founder, Evan Williams has sold 719,000 shares of his company at around $40 per share price. The total worth of the sales is around $29 million. The stock sales are coming at a very edgy time for the company. It is under pressure from investors for not focusing on innovation and diversity. Twitter Inc (NYSE:TWTR) has also been under management crisis. A number of its executives and developers are leaving. High management is messing up by confusing DMs with Tweets.
The source reported that including the gift stock 377,000 shares sales, Twitter Inc (NYSE:TWTR)’s cofounder has sold around 1.1 million shares in a week, which is flummoxing. This means that Williams has sold around 2% of its stake. In March this year, he bought 55.7 million shares of Twitter Inc (NYSE:TWTR), around 10% of the company’s stake.
Twitter Inc (NYSE:TWTR)’s IPO rolled out at $26 a share last year. The stock went up to $41 on Friday but overall, the company has seen a decline of around 35%. Company’s CEO and chairman have also sold the stock recently. Dick Costolo sold shares of worth $11.6 million. These sales were reportedly under planned stock trading. Twitter Inc (NYSE:TWTR) is making these stock sales to gain cash. The company recently promised a long list of features to its angry investors. Some of them were announced which did more harm than good. Twitter Inc (NYSE:TWTR) wants to have access to users’ phones in order to craft a user friendly experience but this has caused a lot of stir around the web because of privacy concerns.