Twitter shares soared by 73 per cent on the firm’s first day of trading, as the market valued the social networking site at more than $30 billion.
Ahead of the flotation, bankers had estimated Twitter’s worth at $18 billion, but its actual valuation puts it on par with the likes of Yahoo and Kraft Foods. The micro-blogging firm clearly rivals some of the most recent and long standing giants in American industry today.
Created just seven years ago, Twitter now has 230 million users, all writing on what are essentially their own newsfeeds. The site also has a sizeable celebrity fan-base, with stars such as Patrick Stewart, Alan Sugar, Stephen Fry and Lady Gaga all boasting millions of followers. It has been praised for the way it allows famous figures to interact with their fans on a regular basis.
A number of high-profile tweeters, including Stewart, were selected to launch the IPO, though the celebs on the rostrum had little to do with the take up when the company floated.
The Star Trek and American Dad star also confirmed that he was not buying stock himself. Commenting that he was just there as a public face, he said:
“I guess I represent the poster boy for Twitter.”
Also on the trading floor were a number of Twitter executives, including its founder, Jack Dorsey.
With his stake in the firm now valued at more than $1 billion, Dorsey appropriately congratulated staff at the company using his own profile.