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.