Sunday, July 15, 2012

Twitter CEO Dick Costolo told the L.A. Times yesterday that the company has “a truckload of money in the bank” has no immediate plans for an initial public offering.

“We are going to remain private as long as we want,” he told the Times in an interview. “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.”

Costolo declined to say if Twitter is profitable, but he did say the company has thousands of advertisers now, and should have tens of thousands by year end.