Jack Dorsey buys Twitter stock worth $9.5mn post earnings report

Just after a couple of days of posting better than expected earnings report, Twitter CEO and co-founder, Jack Dorsey has purchased more than 574,000 shares of the company.

Dorsey bought 574,002 Twitter shares in multiple transactions at prices ranging between $16.47 and $16.74 per share. This adds to the roughly $7 million worth of Twitter stock Dorsey bought in February this year, bringing the total number of shares he has purchased this year to 1 million, the CEO said in a tweet.

Just bought another 574,002 shares of $TWTR (bringing my 2017 purchases to 1 million shares) https://t.co/OrLJ0Ja3J1

— jack (@jack) April 28, 2017

According to a SEC filing, Dorsey spent slightly more than $9.5 million for the latest purchase of stocks. Dorsey now owns about 16 million Twitter shares, which equates to a stake of about 2.2 percent in the company.

The news comes on the heels of Twitter's better than expected earning report. The micro-blogging site reported that it brought in $548 million in revenue in Q1 2017, beating investor expectations of $511.9 million. That sent Twitter stock on an upward trajectory, benefiting shareholders. Monthly active users climbed to 528 million, while daily active users increased 14 percent.

Dorsey's announcement of the share purchase on Twitter, sparked a one percent gain in the company’s share price in after-hours trading.