On November 8, the shares of microblogging service Twitter came down 5.4% to $42.5 apiece in the opening minutes of the trading session. As of 7:00 pm in Moscow, the securities dropped in value by 3.2% to $43.5 apiece.
The previous day was marked by the first trading of the social network’s stock. As a result, the shares closed up to $44.9 apiece. In the meantime, the IPO value was set at $26. Initially, the marginal cost was determined in the range of $17-20 per share. However, during the trading session on November 7, a share’s value surged to $49.5.
On the results of the first trading session, Twitter’s market capitalization amounted to $24 billion, while investors evaluated the company at $14 billion at the initial public offering.
Thus, the social network’s public listing turned its two founders into billionaires. Nowadays, Evan Williams’ equity share is estimated at $2.9 billion; Jack Dorsey holds the equity share valued at $1.6 billion. Besides, Peter Fenton, a venture capitalist and General Partner at Benchmark also managed to raise huge money. He invested in Twitter when it had just two dozens of employees. As a result of IPO, he gained $1.6 billion as U.S.A. Today reports.
Twitter applied for holding IPO to the U.S. Securities and Exchange Commission in September 2013. So, its public listing is considered to be the most expected move after Facebook’s IPO that took place in May last year.
