A lot of what I’ve written here and elsewhere has been pretty negative of late, largely because I’m discouraged by the data flow and its linkage to policy neglect.
So, upon feeling pretty good about Twitter’s IPO today, I thought I should take a moment and say so. Not like it’s a big, transformative event or anything, or even that I expect it to make a difference re concerns I’ve been expounding upon, but it’s a smart, fun technology, emblematic of our time, for better (fun, glib, insouciant, free, low entry barrier) and for worse (attention deficit, shallow, addictive).
The IPO appears to have gone smoothly, giving the NYSE serious bragging rights over the NASDAQ (re the Facebook stumble). The numbers are below: shares popped 73% off the IPO price of $26, closing at just short of $45.
I don’t think anyone knows what to make of that price–I heard numerous analysts passionately taking either side today. And, while I will not slip back into negativity (let’s see what the jobs report has to say in the AM), folks know I think the stock market is overvalued.
But we still have fluid financial and tech markets, where innovations can flourish, proliferate, and raise some serious capital.