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Twitter shares soar to $50 on stock market debut

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07/11/2013
Twitter shares have soared 90% from their IPO price on the company's first day of trading, with the stock hitting a peak above $50.

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.

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