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.