We need your help now
Support from readers like you keeps The Journal open.
You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.
If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.
Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
By continuing, you are indicating that you accept our Terms of Service and Privacy Policy.
TWITTER DEBUTED ON Wall Street with a bang today as shares in the fast-growing social network soared amid investor frenzy over the most-anticipated listing since Facebook.
The shares shot up by more than 90 per cent in early trade to as high as $50.00. The stock closed with a spectacular one-day gain of 72.69 percent at $44.90, from the initial public offering (IPO) price of $26 per share set on Wednesday.
While some analysts cautioned about the fast-changing nature of social media, the debut led to a stampede for Twitter, known for its one-to-many messages of up to 140 characters.
Appropriately, #TwitterIPO was among the top trending topics on the social network.
“Kudos to Twitter for orchestrating a highly successful IPO,” said Lou Kerner of the Social Internet Fund.
However, as Facebook showed, an IPO success, or disaster in Facebook’s case, is really just noise in the long term. Twitter’s success as a stock is going to be based on how the company performs.
Kerner said Twitter ”needs to perform extraordinarily well, in terms of user growth, user engagement, and user monetisation to justify its price.”
The key Twitter founders attended the opening on the New York Stock Exchange, along with “Star Trek” actor Patrick Stewart and a nine-year-old girl who operates a lemonade stand.
“Honored to join @ev @jack @biz @dickc & the @Twitter team at their historic IPO this morning,” Stewart tweeted, referring to founders Evan Williams, Jack Dorsey, Biz Stone, andTwitter chief executive Dick Costolo.
“We have a lot of work ahead of us” Costolo told CNBC television from the floor of the stock exchange. “All the capital raised by this is going into the company.”
Asked about Twitter’s growth potential, Costolo said, “It’s all about making it very simple and easy for new users to come to the platform… we all have examples of why this service can be useful to everyone on the planet.”
Twitter CEO Dick Costolo, left, and Mike Gupta, center, chief financial officer of Twitter, talk with specialist Glenn Carell during Twitter’s IPO. (Pic: AP Photo/Richard Drew)
Cantor Fitzgerald analyst Youssef Squali was upbeat on the company, saying in a note to clients that “Twitter is based on a one-to-all, all-the-time broadcast distribution model, and as such, fulfills an unmet need.”
“This model is highly complementary to traditional media outlets (especially TV), and fulfills the need for up-to-the-minute, trending information in real time,” the note said.
But Brian Wieser at Pivotal Research issued a “sell” recommendation after the opening, saying Twitter ”is simply too expensive” after the hefty opening gains with “nearly the same valuation as CBS… or even Yahoo.”
Larry Chiagouris, a professor of marketing at Pace University, said the “investor mania” around Twitter is not an indication of success.
“The fundamental question is how much people have to say on Twitter,” he told AFP.
“We know there are some people who are social and want to talk all the time, but you can’t make a business model on those people.”
Chiagouris added that “large corporations with hundreds of millions of dollars have not put substantial sums into paid media with Facebook and Twitter.”
“They all are experimenting but nobody is putting 25 percent in social media. It may not sound cool but traditional media is still the media of choice today,” he said.
Mike Gupta, Twitter’s chief financial officer, photographs a board at the post before shares begin trading during the IPO. (Pic: AP Photo/Richard Drew)
Twitter offered 70 million shares trading under the symbol TWTR, generating $1.82 billion, and gave underwriters a 30-day option to purchase an additional 10.5 million shares.
The IPO assigned a market value of around $14.4 billion to the company whose messaging service has become a hugely popular tool for celebrities, journalists, political leaders and others. But by the end of the day, that value had topped $24 billion.
With the over-allotment it should be the second-biggest tech IPO after Facebook’s $16 billion effort last year and ahead of Google’s 2004 offer, which raised $1.92 billion, according to research firm Dealogic.
Depending on the outcome of the common stock offer to underwriters, between 12.8 and 14.5 per cent of the company’s shares will be publicly traded. The rest are held by its founders and a handful of early investors.
Twitter has fast become engrained in popular culture but must still convince investors of its business model, having lost more than $440 million since 2010.
But with 232 million users and growing, Twitter is expected to be able to reach profitability by delivering ads in the form of promoted tweets, and from its data analytics.
The research firm eMarketer estimates Twitter will bring in $582.8 million in global ad revenue this year, and nearly $1 billion in 2014.
To embed this post, copy the code below on your site
Big Irish community around Woodside, hope all are OK
Irish – or not. I agree.
I lived in woodside for 4 years , sunnyside and woodside are very big irish communities. I really hop all is ok
When will society learn that trains are deathtraps and need to be banned. Enough is enough!
Airoplanes are worse….
They go missing…….
I remember at least one sap demanding they put barriers and doors on every platform. Where’s the Oprah Mom brigade when you need them?
barriers and doors work in London why not new York or any other station , any new station should have them and then retro fit them there not expensive and can save lives
Yeah they have them at the stations in London with big passenger numbers. The station for the o2 Arena/millennium dome at Greenwich has them. Work very well when dealing with big crowds on the platform.
yeah lets hope all the injured were American or some other nationality sure they don’t matter.
Use precise geolocation data. Actively scan device characteristics for identification. Store and/or access information on a device. Personalised advertising and content, advertising and content measurement, audience research and services development.
These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site will not then work.
These cookies may be set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant adverts on other sites. They do not store directly personal information, but are based on uniquely identifying your browser and internet device. If you do not allow these cookies, you will experience less targeted advertising.
These cookies enable the website to provide enhanced functionality and personalisation. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies then these services may not function properly.
These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They help us to know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies we will not be able to monitor our performance.
Cookies, device or similar online identifiers (e.g. login-based identifiers, randomly assigned identifiers, network based identifiers) together with other information (e.g. browser type and information, language, screen size, supported technologies etc.) can be stored or read on your device to recognise it each time it connects to an app or to a website, for one or several of the purposes presented here.
Advertising presented to you on this service can be based on limited data, such as the website or app you are using, your non-precise location, your device type or which content you are (or have been) interacting with (for example, to limit the number of times an ad is presented to you).
Information about your activity on this service (such as forms you submit, content you look at) can be stored and combined with other information about you (for example, information from your previous activity on this service and other websites or apps) or similar users. This is then used to build or improve a profile about you (that might include possible interests and personal aspects). Your profile can be used (also later) to present advertising that appears more relevant based on your possible interests by this and other entities.
Advertising presented to you on this service can be based on your advertising profiles, which can reflect your activity on this service or other websites or apps (like the forms you submit, content you look at), possible interests and personal aspects.
Information about your activity on this service (for instance, forms you submit, non-advertising content you look at) can be stored and combined with other information about you (such as your previous activity on this service or other websites or apps) or similar users. This is then used to build or improve a profile about you (which might for example include possible interests and personal aspects). Your profile can be used (also later) to present content that appears more relevant based on your possible interests, such as by adapting the order in which content is shown to you, so that it is even easier for you to find content that matches your interests.
Content presented to you on this service can be based on your content personalisation profiles, which can reflect your activity on this or other services (for instance, the forms you submit, content you look at), possible interests and personal aspects. This can for example be used to adapt the order in which content is shown to you, so that it is even easier for you to find (non-advertising) content that matches your interests.
Information regarding which advertising is presented to you and how you interact with it can be used to determine how well an advert has worked for you or other users and whether the goals of the advertising were reached. For instance, whether you saw an ad, whether you clicked on it, whether it led you to buy a product or visit a website, etc. This is very helpful to understand the relevance of advertising campaigns.
Information regarding which content is presented to you and how you interact with it can be used to determine whether the (non-advertising) content e.g. reached its intended audience and matched your interests. For instance, whether you read an article, watch a video, listen to a podcast or look at a product description, how long you spent on this service and the web pages you visit etc. This is very helpful to understand the relevance of (non-advertising) content that is shown to you.
Reports can be generated based on the combination of data sets (like user profiles, statistics, market research, analytics data) regarding your interactions and those of other users with advertising or (non-advertising) content to identify common characteristics (for instance, to determine which target audiences are more receptive to an ad campaign or to certain contents).
Information about your activity on this service, such as your interaction with ads or content, can be very helpful to improve products and services and to build new products and services based on user interactions, the type of audience, etc. This specific purpose does not include the development or improvement of user profiles and identifiers.
Content presented to you on this service can be based on limited data, such as the website or app you are using, your non-precise location, your device type, or which content you are (or have been) interacting with (for example, to limit the number of times a video or an article is presented to you).
With your acceptance, your precise location (within a radius of less than 500 metres) may be used in support of the purposes explained in this notice.
With your acceptance, certain characteristics specific to your device might be requested and used to distinguish it from other devices (such as the installed fonts or plugins, the resolution of your screen) in support of the purposes explained in this notice.
Your data can be used to monitor for and prevent unusual and possibly fraudulent activity (for example, regarding advertising, ad clicks by bots), and ensure systems and processes work properly and securely. It can also be used to correct any problems you, the publisher or the advertiser may encounter in the delivery of content and ads and in your interaction with them.
Certain information (like an IP address or device capabilities) is used to ensure the technical compatibility of the content or advertising, and to facilitate the transmission of the content or ad to your device.
Information about your activity on this service may be matched and combined with other information relating to you and originating from various sources (for instance your activity on a separate online service, your use of a loyalty card in-store, or your answers to a survey), in support of the purposes explained in this notice.
In support of the purposes explained in this notice, your device might be considered as likely linked to other devices that belong to you or your household (for instance because you are logged in to the same service on both your phone and your computer, or because you may use the same Internet connection on both devices).
Your device might be distinguished from other devices based on information it automatically sends when accessing the Internet (for instance, the IP address of your Internet connection or the type of browser you are using) in support of the purposes exposed in this notice.
The choices you make regarding the purposes and entities listed in this notice are saved and made available to those entities in the form of digital signals (such as a string of characters). This is necessary in order to enable both this service and those entities to respect such choices.
have your say