NEWS

Twitter to list stock on New York Stock Exchange

10/15/2013 06:08 EDT | Updated 12/15/2013 05:12 EST
Twitter, the social media firm planning an initial public offering this fall, says it will list on the New York Stock Exchange.

It did not say when its stock is set to begin trading, but it is expected to be before the U.S. Thanksgiving holiday, which is Nov. 28. It will use the stock symbol TWTR.

- Twitter aims to raise up to $1B US in IPO

Historically, tech companies and startups have gone with the Nasdaq exchange, but the Nasdaq has recently faced technical glitches that shut it down for hours at a time. Fumbling the Facebook IPO last year also hurt Nasdaq's reputation.

 Earlier this month, San Francisco-based Twitter filed papers with the SEC saying it hopes to raise up to $1 billion US.

Founded in 2006, Twitter has never turned a profit and has an uninterrupted history of losses totalling $419 million since its inception. But its revenue is growing and should top $500 million this year.

Twitter disclosed three weeks ago that it filed confidential IPO papers to start the process of going public.

Twitter says that it generated $317 million in revenue in 2012 and that it had more than 218 million active users as of the end of June, up 44 per cent from a year earlier. That compares with other social media companies that have listed, including Facebook with nearly 1.2 billion users and LinkedIn with 240 million.

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