Major TWTR Holders Indicate No Intent to Sell Shares Upon Lock-up Expiration

In an 8-K filing with the United States Securities and Exchange Commission on Monday, Twitter, Inc. TWTR reported that the co-founders and Chief Executive Officer 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 5% 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 4 percent of the company, respectively. Richard Costolo owns 1.4 percent of the company's shares. Shares of Twitter closed at $40.05 on Friday. At 11:05 AM (EST), shares were up over 2.297% at $40.97.