Omid Kordestani, Google’s “business founder,” who left the company in October to join Twitter as its executive chairman, just bought nearly $2 million worth of Twitter stock, according to a new filing.
He purchased 12,2250 shares at $16.34 each.
CFO Anthony Noto also bought about $250,000 worth of shares.
The move comes not long after Twitter’s Q4 earnings, which disappointed Wall Street with lower-than-expected user growth.
This move by Kordestani and Noto may be a gesture meant to bolster investor confidence. (When CEO Jack Dorsey bought ~$850,000 worth of shares late last year, it sent the stock surging.) Shares are up about 3% today in a mixed market for tech stocks, but the rise does not seem directly related to the stock buy.
Kordestani has plenty of stock already. He position at Twitter earns him $50,000 a year, but he was also given a grant of 800,000 stock options over the next four years.
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