Twitter IPO Values Social Site at Around £6.5bn

By Gary Cutlack on at

Twitter has announced plans to float itself on the US stock market, in a move that ought to place a value of around £6.5bn on the time-wasting social site.

The company announced the move via its own Twitter account, in which it said it had "confidentially" filed the required documents with the relevant authorities. The use of the word confidentially gives away one small clue about the site's financial health, as only companies earning less than $1bn a year may file their docs in this manner.

The public listing ought to make Twitter's previous private investors happy, as they're believed to have pumped in well over $1bn into setting up and expanding the company thus far. Ferraris all round for everyone involved. [BBC]