Twitter CEO: We have a "truckload of money," won't file IPO

Following Facebook's IPO earlier this year, Twitter has largely been expected to be the next big Internet company to file for an IPO. According to the company's chief executive, however, it has no plans to file for a public offering anytime soon.

Dick Costolo, CEO of Twitter, sat down with the Los Angeles Times for an interview and specifically denied the assumptions that Twitter was looking to go public.

"We are going to remain private as long as we want," Costolo told the outlet. "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."

Costolo went on to say that Twitter has a "truckload of money in the bank," which eliminates the need for the company to go public. According to the executive, Twitter currently has thousands of advertisers on its platform and expects to have tens of thousands by the end of the year.

In terms of the social network's services, Costolo said the company plans on improving the speed and simplicity of Twitter, as well as the "Connect" and "Discover" features it's emphasized over the last year. Additionally, the company head said the days of the "fail whale" are largely gone, despite a power outage less than a month ago that caused the social network to go down for an hour.

Via: CNET News
Source: The Los Angeles Times

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16 Comments

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Astra.Xtreme said,
Good move by him. Makes it less complicated when the social networking fad dies off.

Won't die off, but it is smart considering how easily a social network can drop when the next big thing comes around.

Snake89 said,

Not really true.
That depends on the side of the boat and truck.

One thing is for sure, a boatload is more aquatic

Snake89 said,

Not really true.
That depends on the side of the boat and truck.

I guess this is true a boat could be smaller, Perhaps if it was a ship load of money as a ship is bigger than a boat.
Remember a boat can go on a ship, but a ship can't go on a boat. Unless you drive it badly.

Perhaps we should quantify the size of the truck? It could be a small suv like truck?

And good for him. Going public only makes your focus shift from what your long term plans are into what "investors want" -- which is usually more money, more results, and not caring how you get there.

I applaud them for this. I wish more tech companies stayed locked up in a way, because the technology would be the focus and not so much the money.