Dropbox shares jump in Wall Street debut

Shares of cloud data storage firm Dropbox surged on Friday as it made its Wall Street debut after it went public raising about $750 million. Shares of cloud software rival Box went the other way, plunging 7 percent. Around midday, Dropbox shares trading under the symbol DBX rallied 48% to $31.06, after an offering price of $21. The initial public offering was the biggest in the technology sector since Snapchat’s in 2017. The strong demand suggested not all tech companies have been hit by reports that Cambridge Analytica hired by Donald Trump’s presidential campaign misused personal information of roughly 50 million Facebook users. Dropbox launched in 2007 is one of a number of tech firms centered at the internet “cloud,” allowing users to store data for remote access by any internet-linked devices. Dropbox’s market value for the initial public offering was close to $8 billion.