Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.
What Happened?
On March 21, 2006, the Twitter Inc. social media platform was launched.Where the Market Was
The Dow finished the day at 11,235.47. The S&P 500 finished at 1,297.23.What Else Was Going on in the World?
In 2006, Alphabet Inc. subsidiary Google bought YouTube for $1.65 billion. Twelve U.S. coal miners died in an explosion at the Sago Mine in West Virginia. A BlackBerry Ltd. Pearl smartphone cost between $350 and $400.Taking Social Media in a New Direction
Twitter Founder and CEO Jack Dorsey sent out his first ever tweet on March 21, 2006, officially launching a platform that would grow to become one of the most popular places for people around the world to go to share their thoughts in 140 (now 280) characters or less.It took Twitter just seven years to grow from a single tweet to the $30 billion company that held its initial public offering in 2013. The stock’s IPO priced at $26 per share and closed its first ever trading day at $44.90.
As long-time Twitter investors know all-too-well, the company struggled to find its footing in the public market, dropping to an all-time low of $13.73 in May 2016. The stock trades around $37.77 at press time.
By Wayne Duggan
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