Twitter CEO Dick Costolo has said the micro-blogging site is in no rush to go public and will remain private for as long as it wants.
In an interview with the LA Times this week, Costolo put paid to any rumours of a possible Twitter IPO, saying the company has a “truckload” of money and no reason to go public, and the market for new listings has been weak since Facebook's massive IPO.
The LA Times quotes Costolo saying: “We are going to remain private as long as we want. I like being private for all sorts of reasons. It allows us to think about the business and the way we want to grow it in the small boardroom as opposed to being beholden to a particular way of growing the business, such as quarter to quarter.”
Twitter is currently said to have 140 million active users - half of which log in to the service on a daily basis. Costolo also said Twitter's mobile user stats are soaring, with more than half of users accessing the service primarily via their mobile phones.
“I have every confidence the business will scale,” Costolo told the Times. “There are already some days when we make more money from mobile than non-mobile.”
According to Costolo, since Twitter advised third-party developers to stop building clients that mimic Twitter's service, the majority of users are now active within Twitter's owned and operated eco-system.
Costolo says Twitter will continue to be simplified and streamlined, and it is heading towards the 140-character messages becoming the “caption” for other content, rather than the central content on the site.
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