Class Warfare Blog

November 8, 2013

Such Interest, Such Brio, Such . . . Speculation

Proving once again that the heart of the stock market is not a financial system underwriting solid businesses in their attempts to grow, Twitter shares in their debut on the New York Stock Exchange yesterday got as high as $50 per share from an opening price of $26 a share, before closing at $45. This was on a day when financial markets overall sank, proving that investors were excited about the micro-blogging site’s first ever stock offering.

Oh, and Twitter lost $65,000,000 last quarter.

And, you remember, the even larger Facebook offering was met with the same exuberance, followed by round after round of buyer remorse.

I thought the federal government outlawed gambling sites.


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