Twitter bigwigs are giving the company and its ailing stock some public support.
CFO Anthony Noto and Executive Chairman Omid Kordestani both acquired more Twitter stock on Thursday, according to Securities and Exchange Commission filings. Noto bought roughly $250,000 worth of stock. Kordestani, the longtime Googler who was named Chairman of Twitter’s board back in October, bought just under $2 million worth of stock, or 122,250 shares.
Twitter didn’t comment and neither Noto nor Kordestani tweeted anything about the purchases. But their motivation and message seems clear: We’re confident we can turn this thing around!
It’s not the first time a Twitter executive has bought shares to try and boost Wall Street’s confidence in the company. CEO Jack Dorsey made a small financial showing of support back in August while he was still serving as interim CEO.
Twitter has been under pressure from Wall Street for over a year; the Street doesn’t seem to believe the company can grow its user base. Its stock closed at (another) all-time low last week after the company reported its Q4 earnings, which showed its user base was actually shrinking. But things have rebounded slightly since then. Since closing at $14.31 one week ago, the stock is up more than 20 percent.
This article originally appeared on Recode.net.