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Steve Ballmer Buys Twitter Stake, Stock Pops — Tech Roundup


Here's a look at the major stories and big stock movements in tech Friday. The technology-heavy Nasdaq Composite closed at 4,886.69, a gain of less than 1%.

Steve Ballmer, Microsoft's (MSFT - Get Report) former CEO, said he has purchased 4% of Twitter (TWTR - Get Report) , worth about $800 million. Shares of the micro-blogging site jumped by 4.9% Friday, closing at $31.15.

"Ballmer joins a small cadre of outside owners of a large number of Twitter shares, including Rizvi Traverse Management, which owns less than 5%, as well as Morgan Stanley, which owns 4.54% of the company," the New York Times reported. "Kingdom Holdings, the investment arm of the Saudi Arabian prince, Alwaleed Bin Talal, recently increased its stake in Twitter to more than 5%."

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Ballmer disclosed his stake in a tweet Thursday night, adding praise for the "leaner, more focused" direction of the company under CEO Jack Dorsey, who announced layoffs earlier this week. He also praised Moments, a new Twitter product recently rolled out by Dorsey.

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"Good job @twitter, @twittermoments innovation, @jack Ceo, leaner, more focused," Ballmer said in the...