Twitter has arrived on the New York Stock Exchange, making an instant impression with rocketing share prices. Its first day of trading opened at $45.10 per share, significantly up from the low bar of $26 that Twitter set during the build-up to its initial public offering (IPO). The firm is now valued at around $31bn (£19.2bn).
Twitter's stock went on sale at 10.50am local time in New York, with the traditional bell ringing conducted by actor Sir Patrick Stewart. As with any stock market listing, Twitter's price will fluctuate and the firm's true stock market value will not be fully clear for quite some time.
Today's listing will be watched closely, as Twitter becomes a more transparent business, with its profits and losses exposed to analysts, investors and the wider world. Twitter is yet to make a profit, while it posted a $64.6m loss in the first half of 2013.
In its favour, however, is its expanding user base of 232 million people who send 500 million tweets every day. An inherently mobile company, Twitter generates 65 percent of its advertising revenue from mobile users, which will please investors who see smartphone and tablet-based usage of web services as the future.
Comparisons will be made to Facebook's IPO in May last year. The firm's share price peaked at $45 on its opening day - which was riddled with technical problems - but fell significantly and did not reach those levels again until September 2013.
- Further reading: What we learned about Twitter from its IPO filing
Further revenue is likely to be secured as TV companies from around the world latch on to Twitter as the go-to destination for live TV discussion, and launch their own platforms and advertising campaigns instead of just piggy-backing on Twitter's free service.
Twitter co-founder Jack Dorsey tweeted:
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