$1bn expected to be raised from Twitter share sale

<p>Twitter has moved a step closer to floating its shares on the stock market.</p>

Details of Twitter's registration document ahead of its initial public offering on the stock market have been revealed.

The social media company has told regulators in the US it expects to raise around $1 billion (£619 million) when it floats its shares on the stock market.

For the first time, the finances behind the firm have also been unveiled.

Twitter's revenues jumped from $28 million in 2010 to $317 million in 2012 – with 85 per cent of its income coming from advertising and the remaining 15 per cent from the licensing of its data.

Despite the astounding increase, the company has never made profit – and actually posted a $65 million loss between January and June this year.

The business also said in the document that 500 million tweets are sent every day, from a monthly user base of 218 million.

It is rumoured Twitter will be valued at between $12 billion and $15 billion.

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