Shares of Twitter (TWTR) are up almost 3%, at $41.20, following an announcement from Twitter’s CEO Dick Costolo and two of the company’s co-founders, Jack Dorsey and Evan Williams, that they had no immediate plans to sell their shares around May 5 lockup.
In a filing that the company sent to the Securities and Exchange Commission stated its CEO and co-founders “have no current plans to sell any of their shares of Twitter common stock.”
The microblogging service, also said Monday that Benchmark Capital, which owns about 5 percent of Twitter, also has “no present intention” to sell stock before or immediately after May 5. Bloomberg is also reporting that Rizvi Traverse Management LLC, whose 14 percent stake makes it Twitter’s biggest investor, also has no intention to sell.
Twitter held its IPO on November 6, at $26 a share. After soaring more than 72% above their offering price in their first day on the NYSE, and peaking on Dec. 26 at $74.73, shares have tumbled 45% amid slowing user growth and a broader slump in tech stocks.