Mumbai: Twitter Inc's six-month lock-up period is set to expire on May 5, removing restrictions on the sale of about 470 million shares, or roughly 82 percent of its outstanding shares.
Twitter's co-founders and an investor, together holding about 109 million shares, have said they would not sell their stake immediately after the expiry of the lock-up. "Despite some key investor and executive statements that they will not sell near term, we estimate that 50 percent to 70 percent of shares could be unlocked," JP Morgan analyst Doug Anmuth said in a research note on April 30.
Will not sell shares: Twitter co-founder Evan Williams owns 55.7 million shares, Benchmark Capital Management Co LLC owns 31.6 million shares and Twitter co-founder Jack Dorsey owns 22.2 million shares.
Not commented on stake sale: RTLC Management LLC owns 85.2 million shares, JP Morgan Asset Management owns 49.5 million shares, Spark Capital owns 32.4 million shares, Union Square Ventures owns 27.8 million shares and DST Global Ltd owns 23.7 million shares.
Source: Company regulatory filings and Thomson Reuters data
