Twitter founders, CEO to keep shares after 'lockup'

Apr 14, 2014
(L-R) Twitter CEO Dick Costolo, Twitter co-founder Jack Dorsey, Twitter co-founder Evan Williams and Twitter co-founder Biz Stone applaud while celebrating the company's IPO on November 7, 2013 in New York City

Twitter co-founders Jack Dorsey and Evan Williams and chief executive Dick Costolo have no short-term plans to sell their shares in the social network, according to documents released Monday.

A regulatory filing by Twitter said the three major shareholders "have informed us that they have no current plans to sell any of their shares of Twitter common stock."

The news comes weeks ahead of the so-called lockup expiration on May 5, the date after which insiders would be allowed to sell holdings following Twitter's last year.

Under company policies and securities laws, the three would need to notify Twitter about any sales, so the earliest possible sale would be "90 days after our next open window," said the document filed with the Securities and Exchange Commission.

The filing indicates that another big Twitter investor, Benchmark venture capital funds, has no current plans to sell its shares.

Dorsey remains chairman of the board at Twitter, and Williams is also a member.

Twitter shares vaulted higher from the $26 offering price last November 7 to a high of $73.31 on December 26, but have slipped back in the past three months.

Shares in Twitter rose 3.5 percent in midday trade Monday to $41.47.

Explore further: Germany still has some way to go to 'smart factories'

Related Stories

Twitter stock continues to slide

Jan 08, 2014

Twitter's stock price continued a recent decline on Wednesday, closing down 3.5 percent after an analyst lowered the short messaging service's rating on concerns that its stock price is too high.

Twitter to list on NYSE (Update)

Oct 15, 2013

Twitter shares will trade on the New York Stock Exchange, documents showed Tuesday, shunning the tech-heavy Nasdaq which saw major problems in Facebook's market debut in 2012.

NYSE holds 'successful' test for Twitter IPO

Oct 27, 2013

The New York Stock Exchange said its test run of Twitter's initial public offering on Saturday was a success, as the exchange tries to avoid the technical problems that marred Facebook's debut last year.

Recommended for you

Germany still has some way to go to 'smart factories'

14 hours ago

Collaborative robots and intelligent machinery may have wowed the crowds at this year's Hannover Messe, but experts see German industry as having some way to go towards incorporating them on factory floors ...

Taiwan factory workers win $18 mn over cancer deaths

Apr 17, 2015

Workers from a factory in Taiwan which leeched toxic chemicals they say resulted in 200 deaths from cancer and more than 1,000 other cases of the disease won a Tw$564.45 million ($18 million) payout from US electronics company ...

Court monitor: Apple antitrust cooperation has 'declined'

Apr 17, 2015

Apple Inc.'s cooperation with efforts to improve its compliance with antitrust laws after a federal judge concluded it colluded with electronic book publishers to raise prices five years ago took on an "adversarial tone" ...

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.