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Twitter Sets IPO Price; Hopes To Raise $1.8 Billion

The Twitter logo is seen on the floor of the New York Stock Exchange on Wednesday afternoon. i i

The Twitter logo is seen on the floor of the New York Stock Exchange on Wednesday afternoon. Andrew Burton/Getty Images hide caption

itoggle caption Andrew Burton/Getty Images
The Twitter logo is seen on the floor of the New York Stock Exchange on Wednesday afternoon.

The Twitter logo is seen on the floor of the New York Stock Exchange on Wednesday afternoon.

Andrew Burton/Getty Images

Twitter Inc. has set its IPO price at $26 per share:

The San Francisco-based social media company, which has never turned a profit, had initially said it might set the 70 million shares it is floating for its IPO at between $17 and $20 a share.

The Associated Press writes:

"The price values Twitter at more than $18 billion based on its outstanding stock, options and restricted stock that'll be available after the IPO. That's more than Macy's, which has a market capitalization of $17 billion, and Bed Bath & Beyond, which is around $16 billion.

"The pricing means the short messaging service will raise $1.8 billion in the offering, before expenses."

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