Twitter Exec Denies IPO, Takeover Rumors
Twitter Exec Denies IPO, Takeover Rumors
Twitter co-founder Biz Stone Thursday denied that the popular microblogging website is planning an initial public offering in the near future, despite rumors circulating that it is in the works. “That's (an IPO) not something we really talk about yet. We have so many other things before we even think about that. We are not even discussing it internally. It's too far off,” Stone explained to Reuters at a special forum in Seoul.
Stone also said the company is not looking to raise any more capital anytime soon, because the company is “ sort of making money,” the techie told Reuters. “I don't think we look into raising fund more ... The plan is now to ramp up revenue.” Stone explained that recent rumors that Twitter could be acquired do not mesh with the company's plans, explaining that Twitter executives plan on keeping the company independent for the foreseeable future.
“I believe there is a lot of room for another Internet giant to succeed. So our goal with Twitter is, has been, and will continue to be to remain an independent company no matter what rumors are swirling,” Stone explained. Reports have surfaced in recent weeks that both Facebook and Yahoo have looked into acquiring Twitter. Stone also denied a separate report that Twitter was in talks to sell a $450 million stake in the company to a JPMorgan fund.
Twitter co-founder Biz Stone Thursday denied that the popular microblogging website is planning an initial public offering in the near future, despite rumors circulating that it is in the works. “That's (an IPO) not something we really talk about yet. We have so many other things before we even think about that. We are not even discussing it internally. It's too far off,” Stone explained to Reuters at a special forum in Seoul.
Stone also said the company is not looking to raise any more capital anytime soon, because the company is “ sort of making money,” the techie told Reuters. “I don't think we look into raising fund more ... The plan is now to ramp up revenue.” Stone explained that recent rumors that Twitter could be acquired do not mesh with the company's plans, explaining that Twitter executives plan on keeping the company independent for the foreseeable future.
“I believe there is a lot of room for another Internet giant to succeed. So our goal with Twitter is, has been, and will continue to be to remain an independent company no matter what rumors are swirling,” Stone explained. Reports have surfaced in recent weeks that both Facebook and Yahoo have looked into acquiring Twitter. Stone also denied a separate report that Twitter was in talks to sell a $450 million stake in the company to a JPMorgan fund.
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