Major Twitter Holders Indicate No Intent to Sell Shares Upon Lock-up Expiration
In an 8-K filing with the SEC on Monday, Twitter (NYSE: TWTR) reported that the co-founders and CEO have no plans to sell their shares when the post-IPO lockup expires on May 5.
The filing states, “Jack Dorsey and Evan Williams, co-founders of Twitter, and our Chief Executive Officer, Richard Costolo, have informed us that they have no current plans to sell any of their shares of Twitter common stock.”
In addition, Benchmark venture capital funds, which owns approximately five percent of Twitter's common stock, informed Twitter's Board that “they have no present intention to sell or distribute stock to their limited partners before or immediately after the expiration of our lockup on May 5, 2014.”
According to a filing last week, Williams and Dorsey own 9.4 percent and four percent of the company, respectively. Costolo owns 1.4 percent of the company's shares.
Shares of Twitter closed at $40.05 on Friday. At 11:05 a.m. EST, shares were up over 2.297 percent at $40.97.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.