Will it fly? The Twitter bird logo was decorating a post on the floor of the New York Stock Exchange Wednesday. Richard Drew/AP
Enough with the buildup.
By now, you’ve probably heard that Twitter goes public today. Its stock will start trading on the New York Stock Exchange.
As we said Wednesday evening, the initial offering price has been set at $26 per share. So the 70 million shares should raise $1.8 billion for the social media site.
Trading begins at 9:30 a.m. ET. But it may be an hour or so before data start flowing in about the initial public offering of stock in Twitter.
It may take a little while to know how Twitter’s initial public offering is going. CNN Money notes that even though “the stock market opens at 9:30 a.m. ET, Twitter’s shares likely won’t start trading right away. It typically takes time — sometimes an hour or more — for newly listed shares to begin actively trading on the day of their public debut.”
Every news outlet is also, of course, reminding folks about Facebook’s “troubled” IPO in May 2012 and drawing comparisons to today. As Bloomberg News says, “18 months after Facebook Inc.’s initial public offering was crippled by a Nasdaq OMX Group Inc. computer, equity markets get a shot at redemption [Thursday] when the New York Stock Exchange hosts the debut of Twitter Inc.”
Others are taking a different approach to the news. Planet Money is writing about “Chips, Beer, Tweets: Why TV Is Key To Twitter’s Prospects.”
What we mostly want to do as the day begins is to watch a little ticker that should let us all watch how Twitter (trading symbol “TWTR”) is doing. You can follow it on the NYSE’s website.
We’ll update as the story develops.