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| Twitter wants to raise $1bn in its stock market debut | Twitter wants to raise $1bn in its stock market debut |
| (36 minutes later) | |
| Social networking company Twitter has said it plans to raise $1bn (£619m) in its stock market debut in documents filed with US regulators. | Social networking company Twitter has said it plans to raise $1bn (£619m) in its stock market debut in documents filed with US regulators. |
| In the filing, revealed on Thursday, the seven-year-old 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. |
| The filing reveals Twitter's finances for the first time. | 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. | 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. | Around 85% of Twitter's revenue last year came from ad sales; the rest was from licensing its data. |
| It did not reveal which stock exchange, the Nasdaq or New York Stock Exchange, it had chosen. | |
| This will be the largest Silicon Valley public stock offering since Facebook's listing in 2012. | This will be the largest Silicon Valley public stock offering since Facebook's listing in 2012. |
| Mobile revenue | Mobile revenue |
| The company takes in a significant portion of its ad revenue from mobile devices, an important metric often tracked by analysts. | 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. | 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. | 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%. | 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. | 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. | 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. | 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. | 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. | 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. | By releasing the documents publicly, its an indication that the company hope to complete its stock sale soon. |