For the first time ever, Twitter shares have fallen below the original IPO price.
In November of 2013, Twitter priced its IPO at $26 a share. The company raised $1.8 billion in the offering, selling 70 million shares.
The stock opened up at $45.10, 73.5% higher than the set price.
Today, it fell below $26.
Last month, Twitter reported its Q2 earnings and beat expectations, but showed flat user growth. That flat growth has been a concern of investors for many quarters.
“Our Q2 results show good progress in monetization, but we are not satisfied with our growth in audience,” said Jack Dorsey, interim CEO of Twitter. “In order to realize Twitter’s full potential, we must improve in three key areas: ensure more disciplined execution, simplify our service to deliver Twitter’s value faster, and better communicate that value.”
And that “interim CEO” thing has also been an issue, as Twitter battles concerns over leadership since former CEO Dick Costolo’s departure.
We’ll see how the day progresses, as the price is hovering right around $26. But for a time, Twitter was in the red.