NEW YORK (CNNMoney) — It’s official. Wall Street #hearts Twitter. Shares of Twitter soared more than 75% from their offering price in the first hour after it began trading.
Twitter priced its initial public offering Wednesday night at $26 a share. The stock debuted at 10:49 a.m. ET on Thursday on the New York Stock Exchange, and the first trade came in at $45.10 a share.
Shares quickly jumped to a high of $50.09 — a gain of 93% over the IPO price — before dropping back to about $45.80 later in the morning.
At that price near $46 a share, Twitter (TWTR) is valued at nearly $25 billion.