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WDKX.com » Blog » Smooth Day For Twitter IPO As TWTR Closes At $44.90
Nov 8th 2013 6:05 am
Smooth Day For Twitter IPO As TWTR Closes At $44.90
by news

On its first day trading as a publicly held company, Twitter stock closed at $44.90, up a handsome 73 percent from the IPO price.

That means the company has a market value of $24.5 billion.
Even though the stock ended a bit lower compared to the open price, Twitter's public debut went smoothly compared to Facebook's technologically challenged IPO.

Read More: What's Capt. Picard Doing at Twitter's IPO?
Twitter stock (NYSE: TWTR) rose 74 per cent on the open to $45.10 and hit $50 at one point � almost double its $26 offer price. Retail investors who bought at $50 took a haircut. The lucky few institutional investors and their favored clients who got in at $26 made a bundle.

Read More: Before the Twitter IPO, There Were These Disappointing IPOs
Twitter makes its money from advertising and like almost any media company has to strike a balance between revenue and clutter that could potentially turn users away. The company has never made a profit, though revenue is rising swiftly.

Only time will tell whether Twitter remains an indispensable social media service or whether it turns into an unenviable has-been like MySpace and Friendster.

Stock markets in general did not have as good a day as Twitter. All three major indices ended the day down. Good news about the U.S. economy had investors worrying that the Federal Reserve will pull back on stimulus.

Source:ABC News