Former GE CEO Jeff Immelt Bought Up Shares of Cloud Firm Twilio

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Former GE CEO Jeff Immelt paid $1 million for 3,400 Twilio shares on November 11.

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Christoph Morin / Businesshala

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Twilio stock is down this year, but former CEO of General Electric Director Jeff Immelt,
Recently bought shares of the cloud-communications platform company.

Twilio (ticker: TWLO) is down about 15% in 2021. Twilio was touted as a way to play commerce online during the COVID-19 pandemic. But in late October, it provided weak guidance and said Chief Operating Officer George Hu was leaving. Its shares fell, and recently traded at a 52-week low of $266.29.

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On November 11, Immelt paid $1 million for 3,400 Twilio shares—each with an average price of $295.82. According to a form he filed With the Securities and Exchange Commission, Immelt now holds 16,762 shares, including restricted stock units.

Immelt did not respond to requests for comment left with Twilio and venture firm New Enterprise Associates, of which he joined as one. venture partner in 2018.

Immelt’s previous purchase of Twilio stock was on August 5, 2019, when he paid $1 million for 8,500 shares at an average price of $122.78. He joined Twilio’s board that June.

In late October, JPMorgan analyst Mark R. Murphy lowered his price target on Twilio from $445 to $420, but placed an overweight rating on the stock. Murphy wrote that “it has become clear that Twilio … is benefiting from the acceleration of digital transformations driven by work—learn—and consume from home.”

The Inside Scoop features a regular baron covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Because of their insider positions, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.

Write and follow Ed Lynn at [email protected] @BarronsEdLin,

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