Tech Drivers
Tech Drivers

Twitter jumps 5 percent after CEO Dorsey reveals he bought more than half a million shares

Key Points
  • Bloomberg and Twitter will partner for a 24/7 streaming news network
  • CEO Jack Dorsey also bought about $9.5 million worth of shares, purchasing a total of 1 million shares to date in 2017
Jack Dorsey, co-founder and chief executive officer of Twitter Inc.,
David Paul Morris | Bloomberg | Getty Images

Finally some good news for Twitter investors.

The stock closed up more than 6 percent on Monday after CEO Jack Dorsey said he bought 574,000 shares of the company late Friday afternoon for about $9.5 million. Dorsey has purchased about 1 million shares to date in 2017.

The company also announced a partnership with Bloomberg on Monday to launch a streaming video channel running 24 hours a day, seven days a week. That news was first announced by The Wall Street Journal.

Bloomberg's and Twitter's streaming news network will be created just for the platform. The two previously worked together to livestream the presidential debate in September.

Advertising revenue was split from video ads that ran during Bloomberg's pre- and post-debate coverage. Twitter will reveal more about its streaming video plans during its first Digital Content NewFront presentation in New York on Monday evening.