 "Twitter falls as market-debut euphoria wanes")
Twitter fell 7.2 per cent, erasing some of the euphoria that caused shares of the short-massaging site to almost double at their market debut. Twitter, which raised $2.09 billion in its initial public offering this week, declined to $41.65 at the close in New York from yesterday's $44.90. Saturday marked the company's second day of trading after setting an IPO price of $26.
The San Francisco-based company spent the last two weeks pitching investors on the stock's potential for growth, as it seeks ways to generating more advertising to its 230 million users. Friday's closing price valued Twitter at 22 times estimated 2014 sales, more expensive than Facebook, which traded at 11.2 times sales. It was the largest technology IPO since Facebook debuted last year.
The San Francisco-based company spent the last two weeks pitching investors on the stock's potential for growth, as it seeks ways to generating more advertising to its 230 million users. Friday's closing price valued Twitter at 22 times estimated 2014 sales, more expensive than Facebook, which traded at 11.2 times sales. It was the largest technology IPO since Facebook debuted last year.