According to Mashable, professional social networking site LinkedIn had a very successful first day as a publicly traded company, as “more than 30 million shares of the company changed hands on Thursday”. That brings their total valuation up to $8.9 billion.
“At $94, LinkedIn is now valued at $8.9 billion, 36 times the $243 million in revenue the company generated in 2010,” Mashable reports.
According to a separate Mashable post, LinkedIn is now worth more than several well-known companies, including Red Hat, Sirius XM, Chipotle, Royal Caribbean Cruises, Hormel Foods, and Electronic Arts. LinkedIn executives are seeing an enormous personal profit based on the current stock price, with LinkedIn founder Reid Hoffman now worth $1.8 billion and CEO Jeffrey Weiner worth $213 million.
For more information on LinkedIn: How Much Did LinkedIn Shares Cost Before the IPO?
Time lapse of LinkedIn banner going up at NYSE on Thursday: