Twitter CEO: We're Not Going Public Anytime Soon

From DailyTech: Twitter's CEO recently said his company has a "truckload of money in the bank,"and that there is no need for the social network to go public anytime soon.

Twitter CEO Dick Costolo chatted with the Los Angeles Times about Twitter's recent happenings and its foreseeable future, saying that the company is just fine the way it is -- no need to go public.

"We are going to remain private as long as we want," said Costolo. "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."

Initial public offerings (IPOs) have been a little shaky lately ever since Facebook's massive IPO in May. The company was valued at over $100 billion, with shares opening at $38 USD. However, this IPO domination soon took a tumble only days after launch. The following Monday, Facebook shares plunged 11 percent, and fell a total of 19 percent in a two-day span. According to Reuters, the company lost over $19 billion in market capitalization from the $38 per share offering price when it closed at $31 per share.

Twitter would prefer to remain private and avoid all of that hullabaloo. Costolo wouldn't say whether the social network is profitable at this point, but he did mention a "truckload of money in the bank."

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