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Twitter shuns tech-friendly NASDAQ, will list on the New York Stock Exchange instead
Twitter will file its initial public offering on the New York Stock Exchange using the ticker symbol “TWTR” according to an amended S-1 filing with the US Securities and Exchange Commission. The decision is in stark contrast to social network rival Facebook that went with the NASDAQ stock market during their IPO in May 2012.
If you recall, Twitter filed for its IPO last month as one of the most anticipated offerings in tech since Facebook. Scott Cutler from the NYSE said Twitter’s decision to file with them was a decisive win for the stock exchange and they were grateful for Twitter’s confidence in the platform.
Facebook was criticized by many, including Salesforce.com CEO Marc Benioff, for selecting the NASDAQ over the NYSE. True enough, Zuckerberg’s IPO got off to an extremely rocky start as it was marred by technical glitches on the stock market. The tech-friendly NASDAQ was fined $10 million earlier this year over the fiasco. Facebook has since rebounded and has performed better in the past month than it ever has.
The revised filing also sheds a bit more light on Twitter’s financial status. Through September 30, Twitter brought in $422.2 million in revenue which is an increase of 106 percent year-over-year. The bad news, however, is that net loss also shot up 89 percent during the same period to $133.9 million. Elsewhere, monthly active users are up from 218 million at the end of June to 232 million as of last month.
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