Steve Ballmer just bet big on Twitter. The former Microsoft CEO and Los Angeles Clippers owner just went public about buying a 4% stake in Twitter on–where else?–Twitter.
Ballmer’s investment mean he owns even more of Twitter than the company’s recently appointed CEO, Jack Dorsey. His announcement comes shortly after Twitter let go of more than 300 employees, approximately 8% of its workforce, in a very public round of layoffs. Ballmer’s move is both a vote of confidence in the microblogging service and potentially a strategy to get a seat on Twitter’s board.
After Ballmer tweeted about his stock acquisitions, Twitter shares jumped in trading by approximately 4%.