Twitter soars in market debut

2013-11-07T16:28:00Z 2014-06-18T14:33:02Z Twitter soars in market debutThe Associated Press The Associated Press
November 07, 2013 4:28 pm  • 

NEW YORK — Shares of Twitter went on sale to the public for the first time Thursday, instantly leaping more than 70 percent above their offering price in a dazzling debut that exceeded even Wall Street's lofty hopes.

The social network that reinvented global communication in 140-character bursts was valued at $31 billion by the closing bell.

Twitter, which has never turned a profit in the seven years since it was founded, worked hard to temper expectations ahead of the IPO, but all that was swiftly forgotten with the stock's opening surge. 

Trading on the New York Stock Exchange under the symbol "TWTR," shares opened at $45.10, 73 percent above their initial offering price. 

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