Twitter Share Price Spike After Dorsey Buy Up

Twitter (Xetra: A1W6XZ - news) 's share price has jumped after co-founder Jack Dorsey bought around £570,000-worth of company stock.

It has emerged that Mr Dorsey purchased 32,000 shares in the social media giant on Friday. He now owns a total of 21.8m shares in the company.

The NYSE-listed company's share price shot up 4.2% as markets opened, and continued to climb.

On Twitter, Mr Dorsey linked to the Securities and Exchange Commission purchase documents, together with the caption: "Investing in Twitter's future."

On Thursday and Friday last week, Twitter director Peter Currie, chief financial officer Anthony Noto and board member Peter Fenton all bought several thousand shares each.

However, former chief executive Evan Williams disposed of 372,000 shares across the same two days.

Twitter is struggling the grow the number of regular users. Its second-quarter growth was slowest since Twitter went public in 2013 saw monthly active users creep up from 308 million to 316 million over the quarter.

Shares (Berlin: DI6.BE - news) in the company are currently hovering around $30 per share, down from its peak of $74 in December 2013.

The rate of decline in the share price has been increasing recently, losing half its value since 8 April.