Twitter priced its initial public offering Wednesday night at $26 a share. The stock debuted at 10:49 a.m. ET on Thursday on the New York Stock Exchange, and the first trade came in at $45.10 a share.
Shares quickly jumped to a high of $50.09 — a gain of 93% over the IPO price — before dropping back a bit to close the trading day at $44.90.
A price near $45 a share values Twitter (TWTR) at $24.4 billion.
“We tried to have a very clean process [for the IPO] … the team that worked on it inside the company was very methodical,”
Twitter CEO Dick Costolo said on CNBC earlier in the morning.
tweeted Anthony Noto, Twitter’s top banker at Goldman Sachs (GS, Fortune 500) (the IPO’s lead underwriter), after trade started.
Twitter was the most actively traded stock in the U.S. on Thursday. More than 117.3 million shares had exchanged hands by the end of the day.
Twitter’s business model revolves around ads. Twitter runs ads for corporate accounts, specific tweets and topics, and the sponsored content is tucked right into users’ feeds.
Search for AT&T on Twitter, and a
from a rival such as Verizon or Sprint may pop up. A
“who to follow”
Six institutional investors own 5% or more of Twitter. The biggest winner is private equity firm Rizvi Traverse, which holds a nearly 18% stake that is now worth $3.8 billion.
#PAID ! Twitter files IPO Today And A Lot of People Just Got Rich was originally published on zhiphopcleveland.com