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Twitter CEO Jack Dorsey purchases more stock, but investors aren't buying in

Michelle Castillo
Updated

Twitter CEO Jack Dorsey reasserted his love for his company by saying he bought more than 574,000 shares in the company late Friday afternoon.

However, his affection for the social media platform didn't seem to be shared by the public Friday. After Dorsey's tweet, the stock barely climbed a little more than 1 percent during after-hours trading.

Dorsey paid $16.6218 a share, according to an SEC filing, making the purchase worth $9.5 million. The CEO said he has purchased 1 million shares in the company so far this year.

Twitter posted much better than expected earnings this week, with revenue at $548 million versus a Thomson Reuters consensus estimate of $511.9 million. Earns per share were at 11 cents, compared to the expected 1 cent a share. Monthly active active users climbed to 528 million, while daily active users increased 14 percent.

However, despite the seemingly positive news, Twitter revenue had declined 8 percent year over year. The company's share of the ad market between itself and its rivals Facebook and Google for the quarter was less than 2 percent, which does not bode well as more competitors enter the digital advertising space.