Photo: Courtesy Twitter.
Big, big things are coming out of Silicon Valley. Earlier today, Twitter publicly released its IPO documents shortly ago, much-anticipated in the tech sector. According to the S-1 filed with the SEC, the company is looking to raise $1 billion for its public offering. It will be traded under the symbol TWTR. Twitter claims to have 215 million monthly average users and 100 million daily average users. About three quarters of its monthly users accessed the platform through mobile apps.
While there's no doubt that the company's growing — it's up 44 percent in users from the same period last year — it's also losing money. Twitter's revenue for the first half of this year was about $253 million, but also suffered a net loss of $79 million last year and $69 million for the first six months of 2013.
Twitter announced on September 12 that it had submitted its documents to the SEC, although some reports claim that it may have been filed over the summer. It's unknown when Twitter will begin trading, but people close to the matter claim that it hopes to start before Thanksgiving. Considering the government shutdown and its effects on the market, however, it could be postponed until next year. (NYTimes)