Twitter is surging after announcing it's teaming up with Bloomberg on a streaming news service

Shares of Twitter are up 6% on Monday at $US17.47 as of 10:33 a.m. ET after the Wall Street Journal reported that the social media company will be teaming up with Bloomberg to launch a 24 hours a day, seven days a week streaming news service.

Twitter shares are up 18.5% since reporting earnings that beat expectations on April 26.

After the company’s earnings beat on Wednesday, Twitter co-founder and CEO Jack Dorsey, announced via Twitter that he had purchased an additional 574,002 shares of his company’s stock, bringing his total shares purchased in 2017 over the one million-share mark.

According to a SEC filing, the additional shares were purchased at an average cost of $US16.62 for a total of approximately $US9.5 million.

Investors in Twitter have seen the value of their investment cut by more than half since the company’s 2013 IPO.

Click here for a real time Twitter chart.

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