LOS ANGELES – Twitter Inc. Chief Executive Dick Costolo said the short message social network has a “truckload of money in the bank” and would remain a private company for as long as it wants.
In an interview with Los Angeles Times staff members on Tuesday, Costolo reiterated that the company has no reason to go public.
The market for initial public offerings, especially in the wake of Facebook Inc.’s fiasco, has been weak. “We are going to remain private as long as we want,” he said. “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.”
To what do you attribute the vast appeal of Twitter?