Twitter, on paper, looks amazing. It’s a MASSIVELY popular social media site that constrains bloggers post to 140 characters, making normal wordsmiths have to scramble like haiku masters to fit their ramblings within its constraints. And yet, almost none of the executives believe in Twitter’s future enough to continue to add their own money to it. That’s a terrible sign for the future of the microblogging platform!
Even worse? Most of the executives are allegedly unloading their stock. A requirement of the SEC is that a company’s executives must disclose their financial dealings with regards to the company and right now Twitter stock is trending largely downward. It seems morale is rough because of the loss of Twitter’s CEO, Dick Costolo, after he stepped down earlier this year.
There is a light in the Twitter tunnel though — one executive has been buying stock! There’s only been one so far, but it’s the company’s CFO — Chief Financial Officer — a person who certainly would know the potential for gains and losses long term at the company. Anthony Noto, according to Business Insider, has purchased “6,950 shares in Twitter. In today’s market, those shares have a value of around $200,000 (£128,000). That brings Noto’s total number of Twitter shares to 1,328,663, valued at around $36 million (£23 million).”
Of course, speculation isn’t so much that Noto thinks there will be an enormous turnaround and a sudden push into prosperity for the company who has so far only turned a profit once, in 2014, when they reported a surplus of $9.77 million. Insiders are theorizing that Noto is angling to step into the CEO role, a job Twitter founder Jack Dorsey has been doing in the interim. Buying a stock when no one else will seems to indicate a loyalty to the company. It will be interesting to see if the gambit works.
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