Twitter IPO 'Leaning Toward' NYSE
In this June 29, 2010 photo, Twitter Inc. spokesman Sean Garrett smiles in an interview with the Associated Press during his visit to Tokyo. Garrett's company is hiring a Washington D.C. representative to promote Twitter's use in politics and hopes to expand that worldwide, he said. "Obviously there is a lot of potential for policymakers, government agencies, politicians of all stripes to use Twitter and to connect with their constituency," Garrett said. (AP Photo/Itsuo Inouye)
Tuesday, Sep 24, 2013 Updated at 11:16 AM PDT
Twitter hasn't settled on the New York Stock Exchange for its initial public offering despite previous reports, according to a new report.
However, the microblogging service is "leaning toward" the NYSE, but no official decision has been made, unnamed sources told CNBC.
Whether this means the tech company is really deciding on the NYSE or Nasdaq Stock Market is unknown, but Nasdaq's handling of 2012's Facebook IPO was anything but smooth. Instead it was called a blunder and a fiasco, and it all ended with Nasdaq being sued and paying $40 million to investment firms for its various technical difficulties.
Recently, Nasdaq also had another technical glitch, an outage in August, which likely also doesn't bode well for the stock market.
CNBC originally piggybacked on a TheStreet.com account that said Twitter had picked the NYSE, but its subsequent reporting found that Twitter made no such decision. (Despite this, other outlets
are still reporting the NYSE-Twitter partnership.)
It's not surprising that financial publications are all over this story because the Twitter IPO is being valued at $15 billion
, and tech stocks are excitingly volatile -- meaning they can rise and fall quickly, which means a lot of money for Wall Street traders.