After reaching that peak, Twilio announced a secondary offering in October when the stock was trading at around $50 and change. Of the 7 million shares offered in the secondary, Bessenmer Venture Partners, Twilio's largest shareholder, bailed on 3 million of its 20 million shares. The secondary offering was worth $280 million based on the 7 million shares offered at a price of $40 per share. What was galling to investors was the fact that of the 7 million shares offered, only 641.22k were offered by Twilio and the rest was offered by insiders. Twilio is set to report earnings for its fourth quarter ended December 31, 2016 after the close of regular market trading.

Source: Forbes February 05, 2017 15:00 UTC