OK, before you read on do yourself a favor and sing this post’s headline to The Rolling Stones “Shattered” where Mick says “Don’t you know the crime rate’s going up, up, up, up, up!”. It’s fun, honest.
But back to the news. LinkedIn’s first day of trading is off to a killer start. TechCrunch reports
This is a big day for professional social network LinkedIn, which was founded in 2003. After filing its S-1 with the SEC in January, the company has begin trading its shares, under the symbol LNKD, on the New York Stock Exchange this morning. As we learned yesterday, LinkedIn priced its IPO at $45 per share, giving the company a valuation of $4.5 billion. Today, the company began trading at $83.00 per share, a 84 percent increase from $45 per share. That’s a $7.8 billion market cap. It’s now up to $90 per share, but is fluctuating.
Sure it’s early and there is no telling where this will ultimately settle in at but to have this kind of interest in what many see as the sleeper of social networks is encouraging for the space as a whole.
Let’s face it, if the money is there then something’s happening that is beyond all the expert, guru, ninja silliness that is the day-to-day of social media in many cases. Real business is occurring.
This is a great chart from SAI that shows where LinkedIn makes it’s money and why people are encouraged to throw investment dollars at them.
As for LinkedIn themselves? Gotta figure they are pretty excited. Check out this picture below. That’s the one that gets hung in the LinkedIn lobby.
So the boring old LinkedIn that has been doing it the old fashioned way since 2003 is seeing the payoff all the way here in 2011. I say good for them and I hope they continue to provide something of value that stays away from the online grey areas and just provides a useful service.
With publicity like it will receive today and some new cash there is no telling where they will end up.