NYSE claim Twitter trial sale success

On Saturday, traders have simulated buying and selling shares of Twitter and NYSE claims that it was a success.

12:39 28 October 2013

Twitter is following the footsteps of Facebook and is going public. To avoid the problems that traders encountered when Facebook went public in May, a test run, where traders have simulated buying and selling shares of Twitter, was conducted. According to NYSE (New York Stock Exchange), the trial run was a success.

Trading is expected to begin in early November.

In a statement, a spokeswoman for the exchange said: "This morning's systems test was successful, and we're grateful to all the firms that chose to participate.

"We're being very methodical in our planning for Twitter's IPO [initial public offering], and are working together with the industry to ensure a world-class experience for Twitter, retail investors and all market participants."

Twitter revealed last week that it planned to sell 70 million shares for $17-$20 in order to raise $1.4billion.

Based on IPO documents, the micro-blogging site has 218 million monthly users and 500 million tweets are sent a day. However, Twitter hasn’t made a profit yet. In fact, it lost $69million in the first six months of 2013, on revenues of $254million.