LinkedIn, a rapidly growing professional networking site with over 100 million members is now worth more than 8.9 billion dollars. Opening at $83 dollars per share on the New York stock exchange, up 84% from the company’s initial public offer of $45 per share.
Jeff Weiner, CEO, was quoted as saying, “This isn’t necessarily indicative of anything,” he said. “The market will do what it will do. This company is in it for the long haul.” Not since the debut of Google in 2004 or Netscape Communications in 1994 has an IPO made such a stir on the trading floor raising over $350 million gross in proceeds.