Twitter executives say no plans to sell holdings in the social media platform
The CEO and co-founders of social media platform Twitter made it clear that they would not sell off their shares in the company, reported Bloomberg. The social media platform executives said that there is no immediate plan for a share sale amid the rising concern that a downpour of stocks would soon hit the market.
Co-founders Evan Williams and Jack Dorsey had confirmed keeping their holdings in Twitter until May 5, expiry date of its holdings lockup, reported Bloomberg. Twitter CEO Dick Costolo also said in a regulatory filing today that he would keep his holdings at is. Meanwhile, Rizvi Traverse Management LLC also said that a selloff plan is nowhere in sight for the company who holds 14 percent stake in Twitter, according to a source familiar with the matter. Rizvi Traverse Management is the San Francisco based company’s largest investor.
Twitter has launched its IPO last November 6, reported Bloomberg. The microblogging site has gained tripled valued in the first seven weeks of trading. However, the shares of Twitter has dropped by 45 percent as the technology stocks have slumped due to slow user growth, said a report from Bloomberg.