Twitter IPO soars on market debut
The most hotly anticipated IPO of the year did not disappoint overnight when shares of Twitter spiked nearly 75% above the opening price of US$26 dollars at the opening bell on Wall Street.
The micro-blogging service went public on the New York Stock Exchange with Twitter experiencing a 73% jump on its trading debut. The stock rose to US$44.90 at the close in New York from the initial public offering price of US$26
Based on today's trading, it's been reported co-founder Evan Williams' stock would be worth US$2.9 billion, while fellow co-founder Jack Dorsey's stock would be worth US$1.2 billion.
The seven-year-old online social media service is now valued at more than US$30 billion.
Despite the impressive showing, doubts persist about how profitable the company will be.
Experts say the immediate challenge is how to turn Twitter’s 230 million online users into consumers, with leading economists stating boosting advertising revenue will be key.
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