Twitter’s Stock Market Debut Exceeds Expectations

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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 This material may not be published, broadcast, rewritten or redistributed.)

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