They traded below $38 for more than a year. Facebook's shares closed just 23 cents above their $38 IPO price on their first trading day. Twitter is also likely hoping for a first-day pop of its shares that eluded Facebook's stock. Those problems likely led Twitter to the NYSE. As a result, the Securities and Exchange Commission fined Nasdaq $10 million, the largest ever levied against an exchange. Facebook's public debut was marred by technical glitches on the Nasdaq Stock Exchange. The company tried to avoid the trouble that plagued Facebook's high-profile offering. Tempering expectations was a big theme in the weeks leading up to Twitter's IPO. Since then, the social network that lets users send short messages in 140-character bursts has attracted world leaders, religious icons and celebrities, along with CEOs, businesses and a slew of marketers and self-promoters. On March 21, 2006, Dorsey posted the world's first tweet: "Just setting up my twttr." Noah Glass, who helped create Twitter posted the same words just 10 minutes later. Its current chief is Dick Costolo, a former Google executive who once aspired to be a stand-up comedian. Twitter, named after the sound of a chirping bird, got its start 7 years ago, first with Jack Dorsey and then Evan Williams as CEO. Facebook Inc.'s value, meanwhile, stood at $104 billion at the time of its IPO. That's more than Macy's, which has a market capitalization of $17 billion, and Bed Bath & Beyond, which is valued at around $16 billion. The price values Twitter at more than $18 billion based on its outstanding stock, options and restricted stock expected to be available after the IPO. Twitter set a price of $26 per share for its initial public offering on Wednesday evening and will begin trading Thursday under the ticker symbol "TWTR" in the most highly anticipated IPO since its Silicon Valley rival's 2012 debut. Twitter's public stock debut, set for Thursday morning on the New York Stock Exchange, has been carefully orchestrated to avoid the glitches and eventual letdown that surrounded Facebook's initial public offering 18 months ago.
Facebook Email A banner adorns the facade of the New York Stock Exchange in advance of Twiiter's IPO Thursday.
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