Twitter: no IPO any time soon
Twitter’s CEO, Dick Costolo, has told the LA Times that a public offering for the 140-character social network isn’t going to be happening any time soon.
Twitter currently has over 140 million active users – half of which log in every day. More than half of users are primarily accessing the service on their mobile devices.
“It took three years and two months to send the first 1 billion tweets. Now 400 million tweets are sent a day. It takes 2 ½ days to send 1 billion tweets.”
With such a large user base, and with the network showing strong growth all over the world, the question of money, profitibility and direction is sure to pop up – though Castolo remained mum on any figures.
“We run the business in a way that every year it gets more sophisticated and mature,” Castolo told the LA Times, continuing to explain that Twitter plans to expand “patiently” over the course of the year. “We are not in a hurry to jam revenue into the company.”
When asked about the company going public and listing, Castolo maintained that Twitter wasn’t going that route any time soon.
“We are going to remain private as long as we want,” he told the LA Times.
“I like being private for all sorts of reasons. It allows us to think about the business and the way we want to grow it in the small boardroom as opposed to being beholden to a particular way of growing the business, such as quarter to quarter.”
According to the LA Times report, Twitter is valued at $8.4 billion.
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