SUMMARY
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Twitter hit Wall Street with a bang on Thursday, November 7 as an investor frenzy quickly sent shares surging after the public share offering for the fast-growing social network. In the first exchanges, Twitter vaulted 80.7% to $47, a day after the initial public offering (IPO) at $26 per share.
While some analysts cautioned about the fast-changing nature of social media, the debut led to a stampede for Twitter shares. Twitter offered 70 million shares on the New York Stock Exchange, generating $1.82 billion, and gave underwriters a 30-day option to purchase an additional 10.5 million shares. The IPO assigned a market value of around $14.4 billion to the company whose messaging service has become a hugely popular tool for celebrities, journalists, political leaders and others. With the over-allotment it should be the second-biggest tech IPO after Facebook’s $16 billion effort last year and ahead of Google’s 2004 offer, which raised $1.92 billion, according to research firm Dealogic.
Read the full story on Rappler.
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