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Since pricing its IPO at $26, Twitter’s stock has been meteoric, reaching a high of $74.73 on December 26, 2013. However, the stock recently took a dive, raising some questions about Twitter’s viability as a public company. There is some punditry around Wall Street and Main Street that Twitter—a company that is not profitable and won’t be for at least until 2015—is overvalued and emblematic of another tech bubble. Instead, I’m going to argue that Twitter is under-valued.