Twitter’s IPO means 1,600 new millionaires in Silicon Valley
Demand for Twitter was so high that its underwriters sold an extra 10.5 million shares beyond the 70 million planned, according to news website Quartz. All told, the company took in nearly $2.1 billion.
Analyst Martin Pyykkonen of Wedge Partners was also optimistic, opining in a recent report that Twitter has "at least as promising" an opportunity as Facebook to snare ad revenue over the long term.
One guy who might have reason to feel less chipper after Twitter’s flawless first-day showing was Nasdaq CEO Robert Greiffeld. His stock exchange long dominated the tech scene but suffered a meltdown during Facebook’s debut last year. Overwhelming demand led to a software crash, delayed trading and resulted in at least $42 million in compensation for angry investors.
Nasdaq and the New York Stock Exchange reportedly competed fiercely to land Twitter’s business, which the NYSE ultimately won — in part because CEO Costolo was said to be avoiding the Facebook playbook.
But Bruce Aust, who heads new listings for Nasdaq, took things in stride Friday.
"Honestly," he said, "it’s just one deal."
Follow Peter Delevett at Twitter.com/mercwiretap.