Twitter is looking to take advantage of its constant growth and popularity and has filed paperwork for its IPO. Yesterday the paperwork filed with the SEC for the microblogging site was revealed for $1 billion.
Since the social network was founded in 2006 the books have been sealed. From the paperwork it was revealed that Twitter as an uninterrupted history of losses totalling $419 million since its inception. However the company has a constant trend is with revenue growth.
Three weeks ago the San Francisco based company filed confidential IPO papers. Due to federal legislation passed last year being the company made less than $1 billion in revenue in its last fiscal year Twitter was allowed to avoid submitting public IPO documents. Last year the company reported $317 million in revenue with more 218 million active users. That is compared to the world’s largest social network Facebook that has nearly 1.2 billion users.
According to early reports, Twitter is expected to be sold on New York Stock Exchange over Nasdaq. The symbol on the exchange will be TWTR.