In an interview with Bloomberg, Twitter COO Dick Costolo made it clear that Twitter has no plans to make an initial public offering this year. The micro-blogging site will instead be focusing on meeting their $1 billion valuation that they received September last year.
Costolo stated “We’ve raised all this money. We’ve created this global brand. It’s one of the fastest — if not the fastest — growing brands in the history of the world. Now we have to go build the business that lives up to that valuation.”
In 2009 Twitter made $25 million in revenue through a distribution deal with Microsoft Corp. and Google Inc. In 2010 the company will focus on starting commercial accounts and running advertising as their business model. Costolo stated that the ads will not be a hindrance to users but rather “enhance the platform.”
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