Job seekers in Houston and elsewhere who rely on social network sites to boost their employment odds could make money through one of these sites in a different way.
LinkedIn, the social network service that specializes in professional/business relationships, has now gone public. LinkedIn common shares began trading on Wall Street today and the results exceeded most expectations. Trading under the ticker symbol LNKD, LinkedIn shares traded as low as $80 per share and as high as $122.70 throughout the opening day.
LinkedIn has been around since 2003 and during its eight- year history, the site has amassed an impressive following. Today, it commands a membership of more than one- hundred million people around the globe and is the largest professional networking web site in the world. Founded by Reid Hoffman, LinkedIn filed for its IPO in late January, 2011 and realized its goal today, May 19, 2011.
LinkedIn’s sudden surge on the stock market isn’t a huge surprise. Its predecessors such as Google.com also witnessed large swings in stock price on day one. Within the next year, popular sites like Twitter and Facebook are also expected to go public and when they do, traders will likely respond with the same vigor as they did today, if not more.
No one can predict with certainty what will happen to LinkedIn common shares in the short or long term, but one thing is certain: With investor buzz this strong and share prices this high, LinkedIn management will have its hands full as it seeks out ways to improve sales and bottom- line profits. And job seekers who use LinkedIn will have another way to possibly make money as they actively trade this brand new public company stock.
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