Airbnb Stock More Than Doubled Today
Shares of Airbnb, Inc. (NASDAQ: ABNB) are soaring on the home rental vendor's first day on the public market. The stock jumped as much as 142.6% higher in the early going, settling down to a milder 119% gain as of 3:47 p.m. EST.
Airbnb set its opening price at $68 per share, collecting $3.5 billion of cash from shareholders in the sale of 51.6 million shares. Most of the unicorn stock remains in the hands of insiders and early investors, so the stock's total market value at its opening price was approximately $47 billion.
Investors saw more value in Airbnb right from the start. At the time of writing, Airbnb's market cap works out to $103 billion.
Source Fool.com
