The New York Stock Exchange (NYSE) says a test run of Twitter’s share sale was ‘a success’, as it tries to avoid the debacle surrounding Facebook’s flotation on the NASDAQ.
Traders simulated buying and selling shares on the exchange on Saturday, to try and clear up any technical hitches that it may face when shares go public. With this, Twitter will be the biggest tech company to go public since Facebook. Trading is thought to begin in early November.
Twitter said it was planning to sell 70 million shares prices between £10 and £12 to raise up to £865m.
According to its IPO documents, Twitter now has 218 million monthly users and 500 million tweets are sent in a day, however, all those users and tweets have not yet resulted in a profit. Twitter has made a loss of $69m in the first six months of 2013, on revenues of $254.
Twitter is becoming an increasingly powerful tool for Norfolk businesses. The Norfolk Chamber have close to four thousand followers and it is an important way for us and our members to communicate to the wider business community of local and national influence.
