Twitter share frenzy sends value soaring

The scramble for shares at Twitter’s highly anticipated debut on the New York Stock Exchange yesterday sent the value of shares shooting up to more than $50, up 92% from the company’s $26 price ahead of the float.

After an initial spike the shares settled at $44.90, 73% up from the firm’s price ahead of trading, but down slightly from its $45.10 open.

Before trading began analysts expected a surge due to Twitter’s restrained price. Nonetheless, the huge level of interest was unexpected.

Twitter chief executive Dick Costello said: We’ve had consistent tremendous growth across the globe for the past few years,” and added that his aim for Twitter’s initial public offering was for a “clean, methodical” process, following Facebook’s difficult early period after floating last year.

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