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

Secure remote control for conventional and virtual desktops

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. ®

Intelligent flash storage arrays

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
Big Content outs piracy hotbeds: São Paulo, Beijing ... TORONTO?
MPAA calls Canadians a bunch of bootlegging movie thieves
Google Glassholes are UNDATEABLE – HP exec
You need an emotional connection, says touchy-feely MD... We can do that
Just don't blame Bono! Apple iTunes music sales PLUMMET
Cupertino revenue hit by cheapo downloads, says report
US court SHUTS DOWN 'scammers posing as Microsoft, Facebook support staff'
Netizens allegedly duped into paying for bogus tech advice
Feds seek potential 'second Snowden' gov doc leaker – report
Hang on, Ed wasn't here when we compiled THIS document
Verizon bankrolls tech news site, bans tech's biggest stories
No agenda here. Just don't ever mention Net neutrality or spying, ok?
prev story

Whitepapers

Choosing cloud Backup services
Demystify how you can address your data protection needs in your small- to medium-sized business and select the best online backup service to meet your needs.
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.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
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.
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.