今天上午，Twitter开盘价为45.10美元，而前一天晚上公司首次公开募股（IPO）的定价为每股26美元。换句话说，Twitter公司IPO估值偏低13亿美元。甚至还可以这样说，它的股票首日涨幅相当于今年全年收入的两倍以上。

    当然，Twitter并没有打算抓住每一分钱投资。Facebook去年的遭遇让他们记忆犹新。他们认为，Facebook的做法在公司（投资者与潜在员工当中）造成了负面的情绪。而且，Twitter的员工或风险投资人都没有出售股票的打算，所以也不存在内部定价压力。而Facebook一半以上被出售的股票来自内部人员。

    不过，笔者认为Facebook首次公开募股的定价合理，因为IPO就是一场融资活动，可惜这种观点的支持者甚少。总之，笔者支持亨利•布拉吉在2011年所写的一篇有关商务社交网站LinkedIn的文章。当时，LinkedIn的估值仅仅低了一两千万美元。此外，布拉吉的观点并不是以LinkedIn的开盘价为依据，而是以当日最高价为基础。笔者撰写本文的同时，Twitter股价已经超过50美元（超过了本文的13亿美元，达到约17亿美元——真是令人难以置信，毕竟这家公司IPO实际募得的资金仅有18.2亿美元）。

    唯一会欣喜若狂的人应该是Twitter背后的银行。他们跨过了难以逾越的障碍，为自己的高净现值客户完成了一笔丰厚的交易。

    出于公关和员工士气的目的，Twitter当然希望公司股价能有所反弹。公司员工肯定还会有这样的想法：如果Twitter定价为每股45.10美元，将额外的实收款项用于发放节日奖金，相当于每一位员工能获得超过580,000美元。看到这里，不知Twitter员工的士气会如何呢？（财富中文网）

    译者：刘进龙/汪皓      

    Twitter began trading this morning at $45.10 per share, after pricing its IPO last night at $26 per share. Or, put another way, Twitter (TWTR) left more than $1.3 billion on the table. Or, put even another way, more than twice what the company will generate in revenue this year.

    To be sure, Twitter wasn't trying to grab every last dollar. They saw Facebook (FB) take that approach last year, and believed that it helped contribute to negative sentiment against the company (both among investors and potential employees). Plus, none of Twitter's employees or venture capitalists were selling -- unlike at Facebook, where more than half the shares came from insiders -- so there was no internal pricing pressure.

    But I was a lonely voice arguing that Facebook priced its IPO properly, because IPOs are financing events. In short, I agreed with what Henry Blodget had written about LinkedIn in 2011, when it left just a couple hundred million dollars on the table. Moreover, Blodget's argument was based not on where LinkedIn stock opened, but where it rose to during the day. As I type these words, Twitter stock has now topped $50 (bumping my $1.3 figure up to nearly $1.7 billion -- amazing, given that the actual IPO only raised $1.82 billion).

    The only people who should be thrilled about this are Twitter's bankers, who climbed over the Chinese wall to get a sweet deal for their high-net-worth clients.

    Twitter itself obviously wanted a bit of price pop for PR and employee morale purposes, but here's something else employees could be thinking about today: Had Twitter priced at $45.10 per share and used the extra proceeds to give out holiday bonuses, it would have worked out to more than $580,000 per employee. How's your morale feel now?