Social networking site LinkedIn is officially worth nearly $9billion after its first day of trading on the stock market. The site has almost trebled in value after being valued at just over $3billion only a few days ago.
LinkedIn had its debut on the stock market on Thursday this week, and it's now had the fifth largest growth in a single day since the 1990s dotcom bubble era.
Largely used by businesses, LinkedIn shares finished their debut of public trading at 109 per cent of their original price, closing at $94.25 compared to $45.
During the day, their value rose by as much as 171 per cent. LinkedIn staff are understandably delighted and, according to Reuters
, one employee said: 'I got here at 6am. We've been celebrating since then
The jump in share prices has raised some concerns among financial professionals, though. 'Based on what I know, it seems like investors are a little overly enthusiastic,
' chief investment officer at Harris Private Bank in Chicago, Jack Albin, told the site. 'It seems to bring back memories of the tech bubble.
LinkedIn started as one man in his bedroom in 2003, but it now has over 100 million registered users and is one of the few foreign social networking sites allowed to operate in China. The company employs 1,288 staff and, based on Thursday's valuations, its market value is now almost $7million per employee.
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