Business

Twitter’s Stock Market Debut Exceeds Expectations

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

From Our CBS Music Web Sites

167944374 10 Twitters Stock Market Debut Exceeds ExpectationsCelebrity Mug Shots

181572784 8 Twitters Stock Market Debut Exceeds ExpectationsFunny Faced Cheerleaders

 alt=Musicians Then And Now

456131094 10 Twitters Stock Market Debut Exceeds ExpectationsPHOTOS: George Clooney’s Wedding Weekend

 alt=Michael Phelps Arrested For DUI...Again

cowb thumb Twitters Stock Market Debut Exceeds ExpectationsCowboys Cheerleaders

NEW YORK (AP) — Twitter had a strong public stock debut Thursday in the most highly anticipated initial public offering since Facebook’s last year. Twitter is trading heavily on its first day. Co-founder Jack Dorsey had some fun in posting a Vine video based on Twitter’s first ever tweet in 2006.

Twitter is trading under the ticker symbol “TWTR.” Twitter’s stock opened at $45.10, or 73 percent above its $26 IPO price. The opening price values Twitter at more than $31 billion based on its outstanding stock, options and restricted stock that’ll be available after the IPO. Expect some changes throughout the day, though: It has traded as high as $50.09 and is now at $45.81.

The high price comes despite the fact that Twitter has never turned a profit in seven years of existence. Revenue has been growing, but the company is also investing heavily in more data centers and hiring more employees.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Latest News:

Top Trending: