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Twitter has chosen to list its impending initial public offering (IPO) on the New York Stock Exchange (NYSE) rather than the technology-heavy Nasdaq.
Announced in Twitter's latest Securities and Exchange Commission (SEC) filing, the choice has been labelled by some as a snub to the Nasdaq, which was heavily criticised for the way in which it handled fellow social network Facebook's IPO last year and hit with a $10m fine by the SEC.
Twitter is looking for a $1bn investment, valuing the company at around $10-$15bn. The micro-blogging service is yet to make a profit, while in its updated financial results the firm's revenue grew to $168m in the three months to September, but losses grew to $64.6m, roughly three times as heavy as those seen in the same period last year.
The seven-year-old firm will need to convince investors that it is not only ready for Wall Street, but that its revenue will eventually outweigh its expenditure as it looks to build a more technically stable service.
The Nasdaq, rejected by Twitter, houses most of the world's largest technology companies including Apple, Google, Microsoft and IBM. However, it failed to count on the immense popularity of Facebook shares when the firm went public in May 2012. The opening day of the social network's stock market listing saw technical glitches and delays dog Nasdaq, with many investors claiming heavy losses as they were unable to buy and sell stock when they needed to.
Facebook's shares have since taken a rollercoaster ride, settling at a market cap of around $120bn as the company begins to prove to investors that it can not only consistently make money on its web platform, but also generate revenue from mobile advertising.
Twitter already generates the majority of its ad revenue from mobile devices, with 70 percent of cash coming from smartphones and tablets.