The New York Stock Exchange debut of Twitter offered a huge boost to five funds managed by Baltimore-based T. Rowe Price.
Price was a major shareholder in Twitter before the popular micro-blogging site went public on Thursday, selling for $26 a share. Its shares immediately soared, finally closing at $44.90 each.
Five funds managed by Price owned a combined 11.9 million preferred shares at the end of September with an estimated total value of $280.8 million, or $24.35 per share, according to Morningstar.
One of those funds, Price New Horizons, owned 4.6 million shares at the end of June, which it acquired for average cost of $2.66 each, according to a Reuters report.
Given Twitter's closing price, the value of Twitter stock in all five Price funds ballooned to $536.2 million.Copyright © 2014, The Baltimore Sun