In what could be a vote of confidence for the market, Twitter’s biggest shareholders aren’t planning to jump ship at their earliest chance.
Twitter co-founders Jack Dorsey and Evan Williams, along with chief executive Richard Costolo, all intend to hang onto their shares of Twitter stock when the customary post-IPO lock-up period expires on May 5, the company said in a securities filing on Monday. Together, the three own nearly 15 percent of the company.
The New York Times reports that Twitter’s largest shareholder, money management firm Rizvi Traverse Management, also intends to hold onto its stock come May. Benchmark Capital plans to maintain its 5.4 percent stake, and JP Morgan Asset Management, Twitter’s third largest shareholder, will keep its 8.4 percent holdings.
Shares of Twitter are currently trading around $40, roughly 54 percent more than their IPO price of $26. That said, the stock remains sharply off the all-time high of $74.73 it hit in late December. In the last month alone, Twitter’s stock has tumbled 20 percent.