Feeds

TWITTER CLOSES ... its first day of stock trading with shares up 73 per cent

Profit-free but at least Jean-Luc Picard thinks it's awesome

Internet Security Threat Report 2014

Twitter and its financial advisors will be patting themselves on the back and counting their bucks after the firm's first day on the stock exchange saw its perceived value rise 73 per cent at the close of trading.

Twitter stock price

Investors piled into the stock at the start of trading; nearly doubling its initial $26 IPO price to $50.09 before the sell-off began. Prices rose again through the day before brokers took their profit and the stock price settled down to $44.90 at the close of trading at the New York Stock Exchange.

The other big winners of the day were the vampire squids at Goldman Sachs, after the company earned itself an estimated $59m in fees for handling the IPO.

Twitter executives didn't open trading themselves, but left the traditional ringing of the stock exchange well to a motley collection of famous and not-so-famous users of its service. These included the social media manager for the Boston Police, a nine-year-old who used Twitter to set up a lemonade stand, and the actor Patrick Stewart – who confessed he had only started using the service in the last year and wouldn't be investing.

"I'm not a financial person at all and nobody should take my word as a good reason for investing in anything," he said, The New York Times reports. "But it is a brilliant organization, and the impact it has worldwide is so extraordinary, and furthermore, it's free."

For now at least, Jean-Luc. Twitter still has yet to turn a profit and its users have been vocal about rumored attempts to monetize the service by spamming their Twitter feeds with adverts and sponsored posts. We'll have to see if Wall Street gets its money's worth, but Twitter played the market beautifully, unlike other social media IPOs.

Twitter first set the price range for its public offering at between $17-$20, then raised that to between $23 and $25 before settling on $26. Given the excitement in secondary market the company looks to have judged it just right, given the healthy end of day's results, whereas Facebook's high initial IPO sent the stock plummeting on its debut. ®

Beginner's guide to SSL certificates

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
DOUBLE BONK: Testy fanbois catch Apple Pay picking pockets
Users wail as tapcash transactions are duplicated
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Google Glassholes are UNDATEABLE – HP exec
You need an emotional connection, says touchy-feely MD... We can do that
YARR! Pirates walk the plank: DMCA magnets sink in Google results
Spaffing copyrighted stuff over the web? No search ranking for you
In the next four weeks, 100 people will decide the future of the web
While America tucks into Thanksgiving turkey, the world will be taking over the net
prev story

Whitepapers

Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
New hybrid storage solutions
Tackling data challenges through emerging hybrid storage solutions that enable optimum database performance whilst managing costs and increasingly large data stores.