Twitter Inc. had its day in the spotlight Thursday.
Shares of the microblogging site, which were priced at $26 Wednesday for the company’s initial public offering, opened at $45.10 this morning. And the tech darling gave up little of that ground, closing at $44.90 — still 72.7 percent, or $18.90, above the initial offering price.
This story first appeared in the November 8, 2013 issue of WWD. Subscribe Today.
More than 117 million shares traded hands, and the company ended with a market capitalization of $24.46 billion.
The highly anticipated debut overshadowed a generally down day on Wall Street. The S&P 500 Retailing Industry Group fell 2 percent, or 17.82 points, to 876.24, as the Dow Jones Industrial Average retreated from a record close Wednesday, falling 1 percent, or 152.90 points, to 15,593.98.
Twitter has more than 215 million monthly active users and more than 100 million daily active users spanning the globe. But the company still runs in the red, registering net losses of $79.4 million last year even as sales jumped nearly threefold to $316.9 million.
Fashion brands and retailers of all stripes use Twitter to connect with their consumers. But many are still unsure exactly how the site, and other social media players such as Facebook, should be used by their marketing and advertising departments.
The stock trades under the ticker “TWTR” on the New York Stock Exchange.