Former Microsoft CEO Steve Ballmer purchases 4% stake in Twitter

Following news that former Microsoft CEO Steve Ballmer purchased a 4 percent stake in Twitter, the cost of the company’s shares increased.

Twitter’s co-founder Jack Dorsey, who recently returned to Twitter to take on the role of the company’s CEO, owns 3.2 percent of Twitter’s shares, meaning Dorsey now actually holds a smaller stake in the company he founded when compared to Ballmer. Twitter is worth approximately $20-billion, so a 4 percent stake amounts to about an $800-million stake in the company.

Ballmer held the helm of Microsoft as the company’s CEO for over a decade and is currently the owner of NBA team the Los Angeles Clippers.

An unverified Twitter account claiming to be Steve Ballmer tweeted about purchasing shares in the social network, congratulating Dorsey for making Twitter a “leaner” platform since returning to the company. CNBC later confirmed @Steven_Ballmer is actually the official Twitter account of Steve Ballmer.

Dorsey reportedly cut a number of employees from Twitter late last week.

Link: Twitter will reportedly undergo company-wide layoffs next week