Twitter CEO Dick Costolo said that the company has a “truckload of money in the bank” and they plan to stay a private company for a while. While Costolo was being interviewed by The L.A. Times, he reiterated that the company has no reason to go public.
?We are going to remain private as long as we want,? said Costolo. ?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.?
Costolo has been CEO of Twitter since late 2010. Before that, he sold Feedburner to Google for around $100 million. Costolo did not specify whether Twitter was profitable yet or not. Twitter’s mobile advertising services has been growing.
Costolo said that Twitter has thousands of advertisers and should have tens of thousands by the end of 2012. He said that Twitter is working on improving its speed and they will continue to improve their “Connect” and “Discover” features.