Jack Dorsey's Valentine's Day gift proves at least someone loves Twitter
No one loves Twitter more than Jack Dorsey loves Twitter. The cofounder and CEO of the news app is spreading the love this Valentine's Day — to his own company.
Dorsey revealed, in a tweet linking to a form to the Securities and Exchange Commission, that he bought 425,998 shares of Twitter stock, over Monday and Tuesday. Dorsey now owns 15,468,426 shares in total.
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The gift comes as Twitter's continues to hover at under $17 per share, far under its peak of $69 and it's opening price of $42. It still hasn't hit the all-time low of $13.90, however.
While investors love to hate on Twitter and even call for the resignation of Dorsey (or at least to choose between his two loves, err companies, Twitter and Square), Dorsey is showing he's financially committed, at least.
#LoveTwitter https://t.co/fELbw0ska7
— jack (@jack) February 14, 2017
It was a rough 2016 for Dorsey and Twitter. The company had to let go of more than 300 employees and some old favorites, including six-second app Vine and developer kit Fabric. Those moves damaged Twitter's already difficult relationship with creators and developers, two groups he once promised to prioritize.
The company's reputation for stagnant user growth and slow revenue persisted last year. It was also wooed by Google, Salesforce and Walt Disney, which turned into failed acquisition attempts.
It's also quite lonely in Twitter's C-suite. Adam Bain, formerly chief operating officer, and Adam Messinger, formerly chief technology officer, left the company last year and the positions haven't been filled.
And 2017 didn't start off bright.
Image: google screenshot
Twitter reported last week that its net loss grew to $167.1 million from $90.24 million a year prior.
Still, Twitter is hoping to be profitable in 2017. Dorsey, at least, is showing the love.
