Twitter IPO - live blog

As Twitter goes public today, follow the stream below as our partners at Fast Company provide updates and analysis from the IPO.

  • #RING ! #TWTR just went public! We'll be talking Twitter all day here -- join the conversation: f-st.co/FhEajNV
  • Inside Twitter's vision for TV-powered, profitable future: f-st.co/etIUGhX #TWTR
  • 8 lessons startups can learn from Twitter's chaotic creation story: f-st.co/bcShI8g #TWTR
  • Anjali Mullany 11/7/2013 3:06:57 PM
  • Kit Eaton 11/7/2013 3:18:24 PM

    Twitter's launch on the stock market just made a small but select list of founders and investors very, very rich indeed. Some names you'll know, some you won't. To learn more about the Twitter IPO Player's Club members, check out our write ups:

    Evan Williams
    Jack Dorsey
    Dick Costolo
    Biz Stone
    Adam Bain

    ...plus a few more folks you may be less familiar with like Peter Currie.

    Adam Bain is an interesting Twitter millionaire, with a family man reputation. He was formerly the president of the Audience Network and EVP of product and technology at Fox Interactive--and was at Fox Sports before that. At Twitter he's President of Global Revenue, which has likely been one of the most important roles on the run up to IPO as Twitter tells its revenue growth story and shows its plan to convert growing sales into profits. He's also a bit of a philanthropist, so maybe some of his new net worth will go into helping others.

    Ev Williams is Twitter's famous cofounder. His stake is said to be worth over $1.5 billion at Twitter's offering price of $26. A successful entrepreneur he made a lot of money selling Blogger to Google, but he was actually pushed out at Twitter over alleged bad management skills!

    Biz Stone, perhaps the most famous Twitter chap after Jack Dorsey, is a slightly mysterious figure at IPO--his absence from Twitter's S-1 form led to a lot of debate. But since he's no longer an officer of the company, and doesn't own more than 5% stock he didn't have to appear. Assuming he does own 5%, though, he may have made about $600 million at the stock's launch price.

    These names are going to be in the media for a while, because a sudden income of millions, even billions of dollars, means you can have quite an ongoing impact on the world. Learn about them now!
  • Twitter shares orders at $40 -$44 , traders say. on.mktw.net/16JiokU
  • Twitter getting right to work increasing rev post-IPO with this survey about Trident chewing gum in my feed. http://pbs.twimg.com/media/BYenz9TIEAAtmiq.jpg

  • NYSE leads US Tech IPO listings; 58% of Tech IPOs list on NYSE this year, eclipsing NASDAQ for first time on record http://pbs.twimg.com/media/BYedVlWCQAA15FF.jpg

  • Twitter’s $1 .8 billion IPO could rank as the second largest US Internet offering on record http://pbs.twimg.com/media/BYbX2mBCEAAi5lc.jpg

  • Anjali Mullany 11/7/2013 3:43:50 PM
    Still waiting for the first Twitter trade. "Traders on the floor are guessing Twitter will open at $46," reports the New York Times' David Gelles.
  • Anjali Mullany 11/7/2013 3:46:19 PM

    Here's what Twitter looked like in 2006 -- kudos to Jason Kottke for this early screenshot.

  • Sarah Kessler 11/7/2013 3:51:35 PM
    "The freedom to share without placing the recipient under any obligation to read, respond or reciprocate." - The Drum asked top tweeters from the world of media and marketing what Twitter means to them. The above is @rorysutherland's answer. What's yours?
  • Anjali Mullany 11/7/2013 3:54:06 PM

    Jack Dorsey's Vine from the floor: "just sitting up our $twtr"

  • BREAKING: Twitter stock opens at $45 .10 on the New York Stock Exchange amid strong demand.
  • Breaking: Twitter stock opens at $45 .10, up from $26 IPO offer price wsj.com
  • Anjali Mullany 11/7/2013 4:08:30 PM
    Twitter is finally trading -- at $47.12 a share.
  • Anjali Mullany 11/7/2013 4:14:45 PM
    TWTR trading at $48.78.
  • Anjali Mullany 11/7/2013 4:19:28 PM
    Remember the Miracle On The Hudson? Christina Chaey rounded up 14 of the most important moments in Twitter's history here.

  • Anjali Mullany 11/7/2013 4:21:01 PM
  • Noah Robischon 11/7/2013 4:21:33 PM
    Twitter is already up 80% -- fireworks! And by that I mean: Best to sit back and watch, but not get in on the action unless you don't mind getting burned. This is now the most over-valued stock on the market. Look back at Facebook, LinkedIn, and Baidu: they all dropped back under their IPO price for a period of time before regaining ground. Groupon and Zynga fell and never recovered.
  • Noah Robischon 11/7/2013 4:23:09 PM
    The purpose of raising money on the market is to fund new initiatives, which is great. But those take time to come to fruition and become profitable. How long? Depends on how ambitious those plans are.

    Another factor to consider is that the supply of shares on the open market will increase over the next year or two as people who hold stock get out of the lockup period, or employees see their shares vest. This can change the market in unpredictable ways.
  • Noah Robischon 11/7/2013 4:29:58 PM
    What are the big challenges facing Twitter as it goes to market?
    * User growth is slowing.
    * The company is already generating large losses.
    What else?
  • Anjali Mullany 11/7/2013 4:39:31 PM
    Noah, I'd add improving the user experience to make it more accessible to new users (and improve retention rates of new users -- getting them to send that second tweet!) without upsetting existing users.
  • Noah Robischon 11/7/2013 4:40:11 PM

    Groupon stock price, Nov 11, 2011 - Nov 7, 2013

  • Noah Robischon 11/7/2013 4:41:28 PM

    Zynga stock price Dec 23, 2011 - Nov 7, 2013

  • Anjali Mullany 11/7/2013 4:43:04 PM
    Another challenge facing Twitter -- and this is a big one on IPO day -- about 75% of Twitter's users live overseas, but only about 25% of its revenue comes from non-U.S. advertisers.
  • Noah Robischon 11/7/2013 4:43:24 PM
    Now let's look at a couple that started steady, and went the other direction.
  • Noah Robischon 11/7/2013 4:44:00 PM

    LinkedIn stock price May 27, 2011 - Nov 7, 2013

  • Noah Robischon 11/7/2013 4:45:04 PM

    Yelp stock price Mar 9, 2012 - Nov 7, 2013

  • Noah Robischon 11/7/2013 4:54:56 PM
    There have been 120 IPOs in 2013. An interesting tally from Jay R. Ritter at the University of Florida.
    Year - # of IPOs
    2007 - 160
    2008 - 21
    2009 - 41
    2010 - 92
    2011 - 81
    2012 - 94
    2013 - 120

    In 1996 there were a whopping 676 IPOs.
    He also calculates the mean return on the first day of trading in a report last updated Oct 23.

    h/t to Alexis Madrigal for the link to this report.
  • Sly 11/7/2013 5:10:24 PM
    How exactly does Twitter think it's going to make money from TV? I don't see where the revenue options are?
  • Anjali Mullany 11/7/2013 5:11:32 PM
  • Sarah Kessler 11/7/2013 5:12:12 PM
    Fast Company spoke with Vivienne Harr, the 9-year-old girl who rang the bell at the New York Stock Exchange this morning: www.fastcompany.com
  • Noah Robischon 11/7/2013 5:15:05 PM

    Just as Scandal’s success is linked to Twitter, Twitter’s fate--and the success of its IPO--will be inextricably linked to TV. The $75 billion industry has given Twitter its highest-profile triumphs: “Oh, my God” moments from MTV’s Video Music Awards to the season premiere of Duck Dynasty. Thanks to these spikes in conversation, Twitter can assert that chatter on its service drives people to tune in live, shoring up TV’s existing appointment-viewing business model.

    The company aspires to be the solution to one of the gnarliest challenges in the modern media business--and in the process open up a spigot of revenue that would help justify Twitter’s reported $10 billion valuation. Twitter is convincing advertisers that it is the place to target and reach a passionate audience, whether for a TV show or a branded product. 

    From Inside Twitter's Vision For A TV-Powered Profitable Future

  • Just thought about buying $TWTR stock, but then I remembered I'm an economist, and went back to looking at diversified low-cost index funds.
  • Anjali Mullany 11/7/2013 5:39:26 PM
    Ellen McGirt, who wrote our recent cover story on Twitter's vision for a TV-powered (and profitable!) future, will be joining us at 1pm to answer YOUR questions about Twitter -- its culture, its past, and its ambitions for the future. Submit your questions now using the "Make a comment" button on this page!
  • Anjali Mullany 11/7/2013 5:46:21 PM
    Also joining us at 1pm: Fast Company writer Nicole LaPorte, who co-authored our Twitter cover story with Ellen. Get your questions in now!
  • Noah Robischon 11/7/2013 6:09:33 PM
    Hi Everyone, I'm here with Ellen and Nicole. Ellen is a long-time writer for Fast Company. She penned three cover stories about Mark Zuckerberg for the magazine, including the first one in 2007. Nicole is based in LA, and she's written several features about Hollywood for the magazine already. Thank you both for joining me today to talk Twitter.
  • ellenmcgirt 11/7/2013 6:10:21 PM
    Hey everyone! And thanks Noah - who didn't need to bribe me with lunch to get me here, but I'm glad he did. It’s a big day for Twitter, a company that turned a quirky idea into a business model. I’ve been enjoying the run up to this big day and not just because I’m looking forward to seeing what they’re going to do with all that cash.
  • Nicole LaPorte 11/7/2013 6:10:33 PM
    Hi everyone! Sitting here in Los Angeles, very exciting to see that the Twitter IPO--after all of the hand-wringing in the press--is living up to the hype. And people here are as interested to watch this unfold as they are in NY, given the inroads Twitter has been making in Hollywood in recent years, and how important those inroads are to its future.
  • Noah Robischon 11/7/2013 6:12:37 PM
    We're taking questions from the audience, but I want to start by asking Ellen to recap for us what she and Nicole learned in their recent feature about Twitter, which focused on the group inside that company that is working on making partnerships with networks and brands who want to reach the TV viewing audience.
  • ellenmcgirt 11/7/2013 6:14:34 PM
    The current twitter story was, in every meaningful way, the next chapter of what we reported in 2010. Then, we had met a small team run by Chloe Sladden, who were tasked with getting making Twitter indispensible to television makers and viewers. This time around, we saw how far they’d come. Not only is Twitter deeply integrated into the television viewing and making experience, they have created the revenue model that made this day possible.
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