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.
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