Twitter had a colossal opening day at the New York Stock Exchange, as shares skyrocketed nearly 73 percent, far surpassing the initial public offering price of $26 per share.
At the closing bell, Twitter’s (TWTR) stock price stood at $44.90, up 18.90 and in after hours trading, nudged slightly higher to 45.02. Because of enormous demand from investors for the 70 million available shares of common stock, the social media’s market capitalization stood at nearly $25 billion.
This morning, Twitter opened at 45.10 with actor Patrick Stewart unexpectedly appearing among a selected group of Twitter users to appear at the podium for the traditional ringing of the bell. Twitter executives, including co-founders Jack Dorsey, Biz Stone and Evan Williams and CEO Dick Costolo were on the trading floor, taking interviews, posing for photographers and posting tweets and videos of their historic day on Wall Street.
At one point during a frenzied day of trading, the social media giant actually surpassed its rival Facebook in market value when its stock rose to a high of 50.09, before slipping down past 46 after 3 p.m. Overall the Dow Jones Industrials was down 152.9, Nasdaq was down 74.62 and S&P was of 1.3 percent. Facebook was down more than three percent to finish at 47.56.
Despite Twitter’s wildly successful first day of trading, some market analysts predict its stock price may drop much after Facebook’s stock floundered downwards for three months of its IPO. However other analysts suggest Twitter has strong growth potential despite an estimated $600 million in annual sales this year.