Twitter Inc (TWTR) Founder Sells 719,000 Shares Worth $29 million, Loses 2% Stake


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.

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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.

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