NEW YORK —
Since those early days, the site has attracted world leaders, religious icons and celebrities, along with CEOs, businesses and countless marketers and self-promoters.
The company tried to avoid the trouble that plagued Facebook's high-profile debut, which was marred by technical glitches. As a result, the Securities and Exchange Commission fined Nasdaq $10 million, the largest ever levied against an exchange.
The clumsy debut had lasting consequences for Facebook, which closed just 23 cents above its $38 IPO price on that first day and later fell much lower. The stock needed more than a year to climb back above $38.
Those problems likely led Twitter to the NYSE.
Thursday's trading went on "pretty flawlessly," Kinahan said.
Other tech stocks were down, with Facebook Inc. sliding $1.02, or 2.1 percent, to $48.10.
At its IPO price, Twitter was valued at roughly 28 times its projected 2013 revenue — $650 million based on its current growth rate. In comparison, Facebook trades at about 16 times its projected 2013 revenue, according to analyst forecasts from FactSet.
Google Inc. meanwhile, is trading at about 7 times its net revenue, the figure Wall Street follows that excludes ad commissions.
Research firm Outsell Inc. puts Twitter's fundamental value at about half of the IPO price, says analyst Ken Doctor. That figure is based on factors such as revenue and revenue growth.
"That's not unusual," Doctor says. "Especially for tech companies. You are betting on a big future."
As a newly public company, one of Twitter's biggest challenges will be to generate more revenue outside the U.S.
More than three-quarters of Twitter's 232 million users are outside the U.S. But only 26 percent of Twitter's revenue comes from abroad. The company has said that it plans to hire more sales representatives in countries such as Australia, Brazil and Ireland.