Twitter shares soar to $50 on stock market debut
Having been valued at a float price of just $26, the shares rocketed immediately after listing this afternoon, jumping to a peak of $50.09. They are currently up 82% at $47.21.
In total the social media giant made 70 million shares available, with the offer 30 times oversubscribed.
Twitter boasts over 230m users worldwide but has yet to make a profit since its launch seven years ago.
The launch is the biggest technology IPO since Facebook’s in May last year.
Facebook’s IPO turned into a nightmare for the group after issues with the listing caused the price to plummet.
Facebook floated at $38 but immediately plunged to as low as $18 as worries over how to monetise its success plagued the firm.
It later recovered, and since launch it has now made investors 25% following a major push by the business to promote its credentials to advertisers.