NEW YORK (AP) - Twitter's stock is closing at $44.90, up 73 percent, on its first day of trading. It exceeded even Wall Street's lofty hopes for the most anticipated initial public offering since Facebook.
Twitter Inc. had originally set a price range of $17 to $20 per share for its IPO, but analysts expected that to go higher. The company raised the range on Monday to $23 to $25 per share, signaling enthusiastic response from prospective investors.
The San Francisco-based short messaging service is offering 70 million shares in the IPO, plus an option to buy another 10.5 million. It is set to begin trading Thursday morning under the symbol "TWTR."