This sale could actually be a real success. Like the Facebook one was.
I actually heard a market analyst on the radio the other day, saying that Twitter's under-writers need to be careful on pricing, in order to not price it too high, and leave nothing for the market.
i.e. his advice to them was not to maximise the profit for their paying client (Twitter), but to sell the shares for less than the market was willing to pay, so the early 'investors' can sell at a nice profit. Which is lovely for the market of course, but not so much for Twitter.
By those lights, the early Facebook hoping-for-the-greater-fool buyers got screwed, and Facebook's owners got all the money that it was possible for them to get - which is a successful IPO in my book. Obviously not so good for the traders.
Obviously both valuations are totally bonkers though. Facebook might be worth a good deal, given all the captive eyeballs it's got, and the fact it makes decent profits. But over $100bn seems mad. Twitter doesn't even have profits yet, or the same kind of customer lock-in - so I don't see how it's worth all that moolah.
I'm so glad I stopped paying into a pension, and put my hopes of a non-catfood-eating-retirement elsewhere. At least it's not my money being wasted. I'm sure I can manage to bollocks-up my own investment without help from the professionals...