Tweeting giant Twitter has confirmed that they would not be going public in the near future. Furthermore, they are not in dire need of any surplus funds as they seem to be inflowing a reasonable sum of money according to the co-founder of the admired microblogging site, Biz Stone.
Conversely, Mr. Stone also denied reports suggesting that JPMorgan Chase was in between talks with Twitter to procure 10 % percent of its share for a worth of $450m which would have raised Twitter’s accumulated value to a total of $4.5bn.
When questioned on the prospects of an IPO in an interview with Reuters, Mr. Stone said, “We have so many other things before we even think about that”.
The 36 year old further added, “We are not even discussing it internally. It’s too far off”. Moreover, he also confirmed that they would not engage in any fund raising activities over the upcoming 12 months. At the moment the company has a manpower of about 350 people and was founded in 2006.
There is a hyped speculation amongst the valuations related to social networking sites at the moment with Facebook’s latest $1.5bn venture of financing funnelled by Goldman Sachs which threw the projected value of Facebook up to around $50bn.
Asked about a Financial Times report last week that said a technology fund from JPMorgan was in talks to buy 10pc of Twitter, Mr Stone said: “[The report is] made up.”
Twitter, which permits users to send shot tweets containing 140 character text messages to a group of followers is now one of the web’s most fancied social networking platform in line with Facebook and LinkedIn and had a total of 175m users as of last September.