NEW YORK, N.Y. – Twitter says its CEO Dick Costolo and co-founders Jack Dorsey and Evan Williams have no plans to sell any of their shares when the company’s post-IPO lock-up expires on May 5.
Lock-up periods prevent company insiders from selling stock following an initial public offering. Twitter went public on Nov. 7, pricing its stock at $26 per share. The stock later soared as high as $74.73. On Monday, the stock was trading at $40.49, up about 1 per cent.
Twitter Inc., based in San Francisco, also said Monday that Benchmark Capital also doesn’t have plans to sell stock before or immediately after May 5. Peter Fenton, a general partner at Benchmark, is on Twitter’s board.