Twitter stock rises by 73 percent, exceeds wall street expectations

Twitter the next big social media stock debuts at nearly 80 percent more than its stock value.

Twitter share priced soared nearly 80 percent within minutes of its debut on the New York Stock Exchange. The IPO price of the stock was $26, it opened at $45.10, valuing the company at nearly $31 Billion.

Twitter initially offered 70 million shares, and has an option to buy another 10.5 million shares. Twitter's stock price climbed up to as high as $50.09 on its opening day. It is the biggest debut by any technology firm since Facebook went public in 2012.

Twitter posted a one word tweet to mark the occasion, which read: "#Ring!" Twitter has more than 232 million global users, including heads of state and celebrities. Twitter invites users to send tweets in 140 characters or less and its users send nearly 500 million tweets a day. Twitter has recently lost $65m (£40m) in the recent quarter and has yet to make a profit.

Twitter co-founder Evan Williams and Jack Dorsey have made a considerable profit in the IPO. Evan Willians who has a 10% stake in Twitter, is now worth a little over $2bn, while Jack Dorsey, who have a 4% stake in the company is worth more than a billion dollars.

Facebook launched on Nasdaq in 2012, with an IPO price of $38 each and its stock price also soared after listing to $45 within hours. However the price later slumped and the company only recorded its losses in September when the stock price again touched $45. Facebook is valued at $120 billion and LinkedIn is valued at nearly $26 billion.


By: Silky Malhotra

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