LinkedIn, the professional social network, began trading its shares publicly today and immediately soared to a market value of more than $8 billion — almost double the value of the company’s pricing yesterday.
What’s more, it comes on a day when the overall stock market is down.
Silicon Valley has been waiting for years for the new crop of technology companies to go public, and LinkedIn has been years in the making (check out the infographic below). The minting of millionaires at post-IPO companies like LinkedIn inspire other entrepreneurs to want to do great things. And the employees at these companies take their millions and buy new homes, so LinkedIn’s IPO will probably lead to a little blip in prices on the high-end of the Silicon Valley housing market in a few months, after the lock-up is over. The Valley, like other places in the country, has been in a housing trough. LinkedIn, with more than 1,000 employees, is based in Mountain View, Calif. With Facebook (more than 2,000 employees) expected to go public next year, more wealth is expected to be transfered from main street investors to the techies in the valley (Zuck’s recent home purchase, of course, is just an early indicator). Zynga may follow.
To read the full, original article click on this link: LinkedIn’s $8B IPO — Silicon Valley, get ready for housing recovery | VentureBeat
Author: Matt Marshall
