The listing of Twitter last Thursday seems to have taken the fizz out of other social media stocks. The shares of the already listed social media companies like Facebook, LinkedIn, and Groupon, took a beating in the markets as the much anticipated Twitter stock made its debut on the New York Stock Exchange (NYSE).
The share price of Facebook, which only a few months ago crossed its IPO price of $38 after having plunged in the months post its listing, fell more than 3 percent on the Nasdaq to close at $47.56.
Similarly, the LinkedIn stock fell more than 4 percent to close at $211.47. Another social media stock Groupon fell more than 5 percent to close at $ 9.5 per share.
Other social media stocks also suffered similar fate with the price of Yelp crashing more than 7 percent to close at $61.83. Likewise, online social gaming company Zynga's price fell more than 6 percent to close at $3.46.
On the other hand, Twitter had a dream debut on the markets when it opened at $45.10 and went on to cross $50 during the first few minutes of trading. The stock finally closed at $44.90, representing a gain of more than 72 percent over its IPO price of $26 per share.
Sign up for CIO Asia eNewsletters.