Twitter officially went public on Nov. 7, 2013, on the New York Stock Exchange, in the most anticipated technology-related IPO since Facebook's in 2012.
Twitter's non-executive employees are now able to sell as many as 9.9 million shares for the first time with the Feb. 15 expiration of a company lockup period. Lockup periods are designed to prevent company insiders--founders, other executives, and employees--from flooding the market with shares upon IPO.
"Twitter stock was on an unbelievable tear after the IPO, and then hit a wall of worry… These are all steps on the road to evaluating Twitter not as a great story, but as a publicly traded company with a stock price you have some kind of rational thesis around, and that's healthy." Max Wolff, ZT Wealth
Twitter released its first-ever earnings report on Feb. 5, with the company posting $243 million in revenue for Q4 2013. Slowing user growth appears to have worried investors, however, with the company's stock declining by more than 17% in after-hours trading.
Analysts at Morgan Stanley and Cantor Fitzgerald downgraded Twitter Jan. 7 and Jan. 8, respectively, over fears it may not be able to generate enough advertising revenue to continue growing. Several other firms, including Macquarie Capital and Wells Fargo, have also warned clients about investing in Twitter.
Twitter debuted at $26 a share on Nov. 7 but quickly climbed higher, closing its first day of trading at $44.90. The stock hit a high of more than $74.73 a share on Dec. 26 before retreating to around $60 a share following the analyst downgrades.
Days before its first-ever earnings report, Twitter on Jan. 31 announced that it had acquired 900 unspecified patents from IBM, with both companies then agreeing to cross-license these patents. Twitter said the deal -- terms were not disclosed -- gives it "freedom of action to innovate" for its users.
Twitter on Dec. 5 named its first female board member. Former Pearson CEO Marjorie Scardino, who takes her seat on the board effective immediately, said there couldn't be a "more exciting time to join" Twitter. The company had come under criticism leading up to its IPO for having no female board members.
In the three months ending Sept. 30, more than 70% of Twitter's advertising revenue was generated from mobile devices, though it still lost $64.6 million in that same time period.
Twitter co-founder Evan Williams (pictured), who does not have a day-to-day role at the company, is the single largest individual shareholder with 12% of the company's shares. Co-founder Jack Dorsey has 4.9% and current CEO Dick Costolo has 1.6%.
Twitter made several tweaks to its apps -- possibly to make the service easier for novices to use -- in the days ahead of the IPO, adding blue lines between tweets to connect conversation threads and allowing in-line photos and Vine videos to appear automatically in users' timelines.
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