Twitter Stock Pops After Steve Ballmer Praises Layoffs, Announces 4% Share

Don Crothers - Author
By

Oct. 18 2015, Updated 8:30 p.m. ET

Former Microsoft CEO Steve Ballmer took to Twitter for the first time in recent memory, using a new account on Friday to praise newly-permanent Twitter CEO Jack Dorsey on his “leaner, more focused” vision, according to a report from CNET. Ballmer, who revealed that he had “bought 4% in the past few months” also noted that he “liked” Saudi Prince Alwaleed Bin Talal, who last week revealed that he had purchased a “more than 5%” share in Twitter.

The announcement caused Twitter stock, which had been faltering, to pop almost 5% in one day, to close at $31.15 in New York, the highest since July 30.

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Ballmer’s praise follows Twitter’s recent, controversial layoff of approximately 8% of its staff, or 336 employees, as reported by Wired. The layoff announcement was made, perhaps unsurprisingly, via Twitter.

The layoffs weren’t executed very well; one former employee reported, as per E! Online, that he didn’t know he’d been laid off until he attempted to log into his company email and noticed, behind the notification that his login had failed, an email titled “You have been removed from Twitter, Inc.” Naturally, he also took to Twitter to complain.

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