Under the blessing of Sir Patrick Stewart, the highly anticipated Twitter IPO joined the party on the New York Stock Exchange. After initially pricing itself at $26 a share, TWTR immediately popped to $45.10, which puts the company at a $25 billion valuation.
CNBC reports that more than 30 million shares changed hands in the first half hour of trading. Shares quickly hit $50, before settling below that.
Twitter’s IPO is opening at $26 a share with 70 million shares up for grabs. That puts the company’s valuation at $18.1 billion. [New York Times]
But some analysts are wary the stock might “moonshot” at open explode to $40 or higher, which nobody wants because, hi, Facebook. [CNBC]
Twitter employees aren’t planning any big bashes because they “don’t want to come off lame or douchey.” If you weren’t invited to anything, just say so you guys! [AllThingsD]
There’s absolutely no pressure on the New York Stock Exchange to perfectly execute today’s trading as the entire world watches. [USA Today]
All the questions you were afraid to ask about the Twitter IPO are answered here. [Guardian]
A recent late summer morning at one of the company’s three separate buildings in Irvine, Calif., roughly 100 Auction.com employees buzzed around a vast, open windowless room lined with rows of cubicles and slung with venting and lighting hung from the ceiling high above.
Along one side of the room, which employees Read More
road to ipo
Back in April, Twitter cofounder Jack Dorsey said he’s “not even thinking” about an IPO, but the company might have other plans. A job listing for a financial reporting manager, with duties that make it sound like the company is past the IPO brainstorming stage, has been floating around LinkedIn.
We’re often told that Facebook’s tumultuous initial public offering—not to mention disappointing post-IPO results at social web companies such as Zynga and Groupon—have rejiggered the tech landscape, making investors and founders alike wary of the public markets. And yet, the more things change …
considering the options
Actually, being in the billion dollar startup club kind of sucks. [New York Times]
Any person with children who purchases a computer in the U.K. will be forced to apply anti-porn safety controls to it, because there’s absolutely no way kids who want to look at porn will be able to get around that. [Daily Mail]
Cisco balls so hard they just dished out $1.2 billion in cash for Meraki, a wifi startup. [TechCrunch]
How did nerds impact the election? Turns out 30,000 Redditors registered to vote after President Obama linked to a voter registration page in his AMA. [The Atlantic]
According to U.S. search results, Americans care more about Twinkies than the Israel/Gaza conflict. We are all the worst. [Virtus Machina]
The total number of Facebook shares available is about to increase by almost double, and the market seems to like it. The stock price is up nearly 6 percent in the first minutes since the market opened, defying conventional wisdom that prices should fall when a lockup ends.
What gives? It may be that investors have already accounted for the influx of new shares.
IP Uh Oh
As anyone who’s paid any attention over the last six months will undoubtedly already know, Mitt Romney has about five dollars more than God. Consequently, the man does things like set up trust funds for his children and grandchildren, which has enabled the Romney clan, as a whole, to sidestep paying quite a lot of taxes. And that’s why there are little Romneys scampering about who probably did better at Bubble 1.0 than many of you.
According to Bloomberg News:
It’s been almost four months since Facebook’s alarmingly botched IPO, and yet its specter still haunts the markets. On Friday, $FB stock closed at $18.06 a share, dropping a sharp 5.40 percent in a single day–the worst drop a tech company experienced that day. (Comparatively, Zynga–which has been widely panned for its parachuting stock–only dropped 3.11 percent.) To date, Facebook has lost $50 billion in market value since its IPO.
And yet, despite much talk of banks and underwriters and Facebook’s nascent leadership team, we’ve yet to pin down a real target for our IPO ire. Luckily, Dealbook’s Andrew Ross Sorkin thinks he’s found the likely culprit: Facebook CFO David Ebersman, whom you’ve probably never even heard of:
Microsoft Outlook now operates in-browser and is apparently a legitimate Gmail competitor? No flipping desks for Steve Ballmer today. [Wired]
Things are not looking good in iPad mag land. The Daily has laid off a 1/3rd of its staff. [AllThingsD]
Kevin Rose did an AMA, just in time for the release of the new Digg. It got less than 1,000 upvotes and apparently he didn’t actually answer any questions. [Reddit]
Two online poker sites are paying millions in damages following fraud and money laundering charges. Guess the government called their bluff. [New York Times]
Times Square will broadcast the Mars landing on one of those gigantic screens. The space geek in us is currently fighting with the person in us who fucking hates Times Square. [NASA]
UBS lost $356 million in the Facebook IPO. Yikes. [The New York Times]