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Twitter wants to raise $1bn in its stock market debut Twitter wants to raise $1bn in its stock market debut
(35 minutes later)
In documents made public for the first time, social networking company Twitter has said it plans to raise $1bn (£619m) in its stock market debut. Social networking company Twitter has said it plans to raise $1bn (£619m) in its stock market debut in documents filed with US regulators.
The company says it now has 218 million monthly users and that 500 million tweets are sent a day. In the filing, revealed on Thursday, the company said it now has 218 million monthly users and that 500 million tweets are sent a day.
It reported a net loss of $69m during the first six months of 2013, on revenue of $254m.It reported a net loss of $69m during the first six months of 2013, on revenue of $254m.
The company plans to list under the stock symbol TWTR.The company plans to list under the stock symbol TWTR.
Goldman Sachs is the lead bank taking the company public, The filing reveals Twitter's finances for the first time.
While the company has never made a profit, it has grown its revenue from just $28m in 2010 to $317m by the end of 2012.
Around 85% of Twitter's revenue last year came from ad sales; the rest was from licensing its data.
This will be the largest Silicon Valley public stock offering since Facebook's listing in 2012.
Mobile revenue
The company takes in a significant portion of its ad revenue from mobile devices, an important metric often tracked by analysts.
As of 2013, over 65% of the company's advertising revenue was generated from mobile devices. More than 75% of Twitter users accessed the site from their mobile phone during that same time period.
It was also revealed that two of the company's co-founders, Evan Williams and Jack Dorsey, own significant stakes in Twitter, and could stand to take in significant sums from the company's stock market listing.
Mr Williams owns 12% of shares in the company, while Mr Dorsey owns 4.9%.
Benchmark Capital's Peter Fenton, an early investor in the company, is the second-biggest shareholder, with 6.7% of shares.
Goldman Sachs is the lead bank taking the company public, a coveted position that is often fought for amongst the nation's biggest banks.
The other banks helping with the offering are Morgan Stanley, JP Morgan, BofA Merrill Lynch, Deutsche Bank Securities and CODE Advisors.
Twitter indicated three weeks earlier that it had filed for a public stock market offering.
However, under a new law passed by Congress in 2012, it did not have to reveal its financial documents because it had revenue of less than $1bn.
By releasing the documents publicly, its an indication that the company hope to complete its stock sale soon.