BUSINESS

Twitter IPO closes first day at $44.90

(Photo: Associated Press)
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NEW YORK (AP) - Twitter had a strong public stock debut Thursday in the most highly anticipated initial public offering since Facebook's last year, closing its first day of public trading at $44.90 per share.

Twitter's stock opened at $45.10, or 73 percent above its $26 IPO price, and kept most of that gain by the time it closed. The opening price values Twitter at more than $31 billion based on its outstanding stock, options and restricted stock that'll be available after the IPO. It traded as high as $50.09 in the morning.

The high price comes despite the fact that Twitter has never turned a profit in seven years of existence. Revenue has been growing, but the company is also investing heavily in more data centers and hiring more employees.

Twitter is trading under the ticker symbol "TWTR."

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