Twitter aims for $1 billion in stock market debut

Twitter has said that it plans to raise $1 billion (£619 million) in its stock market debut – the largest Silicon Valley stock offering since Facebook’s listing in 2012.

In documents filed with US regulators on Thursday, it was revealed that the social networking site has almost 220 million monthly users, with 500 million tweets sent every day.

While Twitter has never made a profit, its revenue has grown more than tenfold between 2010 and 2012, now at $317 million, with 85% coming from ad sales.

Zachary Reiss-Davis, an analyst at Forrester, told the BBC that users should be happy about Twitter’s decision to raise capital.

“It looks like Twitter is looking at how to enrich the experience and it understands that to build a successful service, they have to create something people like and what they want to come back to and spend time on.”