Home Industry Listed Tech Twitter wows Wall Street
Twitter wows Wall Street Featured
Get all your tech news delivered to your mail box five days a week
iTWire UPDATE - it's FREE!


Twitter has surprised the tech world with a hugely successful public launch today, surging to 73% growth after day one to reach $US44.90 a share.

Investor sentiment was clearly high for the popular social network; in the first exchanges on Thursday, Twitter climbed 80.7% to $US47, compared with the initial public offering that, as we reported yesterday, was at $US26 per share a day earlier.

Twitter's shares went as high as $US50.09 before closing the day at $US44.90, a rise of nearly 73%.

The company's energetic team of founders attended the opening on the New York Stock Exchange, along with Star Trek actor Patrick Stewart and a nine-year-old girl who operates a lemonade stand.

This was in stark contrast to Facebook's Zuckerberg and co, who rung in the Facebook IPO on Nasdaq at a ceremony in Menlo Park, California.

‘‘Honored to join ev jack biz dickc & the Twitter team at their historic IPO this morning,’’ Stewart tweeted.

Twitter CEO Dick Costolo was upbeat but pragmatic about the company's fortunes.

‘‘We have a lot of work ahead of us’’ Costolo told CNBC television from the floor of the stock exchange. ‘‘All the capital raised by this is going into the company.’’

Asked about Twitter’s growth potential, Costolo said, ‘‘It’s all about making it very simple and easy for new users to come to the platform ... we all have examples of why this service can be useful to everyone on the planet.’’

All reports are in agreement that the New York Stock Exchange, or NYSE, ended up providing nearly flawless execution; a clear departure from Nasdaq’s bungled rollout of Facebook.

While concerns remain around Twitter' slowing US user growth, its current size, and its profitability prospects, clearly investors were optimistic.

Twitter raised some $US1.8 billion and the IPO gave the company a valuation of $US14.4 billion, or some $18 billion depending if you count its restricted shares. Facebook’s IPO valued the company at more than $US100 billion.

OWN THE FUTURE OF SOFTWARE

Tomorrow, 26 August we’re delivering a FREE day of high-impact content to give you the know-how to lead in the App Economy. Please don’t be sorry you missed it.

• Keynotes on how software is rewriting businesses the world over, including our own backyard

• View code level details with context and repair problems quickly

• Fix problems in minutes before they wreak havoc

• Streams covering DevOps, Security and Management Cloud from pioneers at the coalface.

Register Now - it's FREE!

CLICK TO REGISTER!

ITWIRE SERIES - IS YOUR BACKUP STRATEGY COSTING YOU CLIENTS?

Where are your clients backing up to right now?

Is your DR strategy as advanced as the rest of your service portfolio?

What areas of your business could be improved if you outsourced your backups to a trusted source?

Read the industry whitepaper and discover where to turn to for managed backup

FIND OUT MORE!

David Swan

David Swan is a tech journalist from Melbourne and is iTWire's Associate Editor. Having started off as a games reviewer at the age of 14, he now has a degree in Journalism from RMIT (with Honours) and owns basically every gadget under the sun. He also writes for Junkee and Fasterlouder. You can email him at david.swan@itwire.com or follow him at twitter.com/mrdavidswan

Connect