Twitter picks NYSE for IPO

<p>Twitter will float on the New York Stock Exchange.</p>

Twitter has elected to float on the New York Stock Exchange (NYSE), rather than the Nasdaq.

It has also been confirmed by the micro-blogging website that its net losses for the three months to September were up to $64.6 million (£40.3 million) from $21.6 million in 2012.

Some analysts had predicted that Twitter would follow in the footsteps of rival company Facebook and choose to float on the Nasdaq.

A 39 per cent growth in the number of Twitter users was reported by the firm over the past year, with US president Barack Obama and the Pope among the luminaries signed up to the site.

Scott Cutler, head of NYSE's listings business, said: "This is a decisive win for the NYSE. We are grateful for Twitter's confidence in our platform and look forward to partnering with them."

When Twitter launches on the NYSE next month, it is expected that the company could raise as much as $1 billion.

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