Although he remains mum on the specifics of Twitter’s finances, CEO Dick Costolo told the LA Times that the company has a “truckload” of cash – enough to remain private for as long as they want.
Despite any rumors that might be to the contrary, Costolo explained to LA Times journalists that Twitter was not considering going public any time soon.
“We are going to remain private as long as we want. 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.”
He would not address whether or not the company was actually profitable, but he made it clear that in addition to this aforementioned truckload of money in the bank, Twitter’s advertising business is also thriving, bringing in additional cash.
Without getting into specific numbers, Costolo said that Twitter currently has thousands of advertisers buying ads – such as Promoted Tweets, Promoted Trends and Promoted Accounts – on the network and that he expects this number to grow to the tens of thousands by the end of 2012.
And, perhaps most interesting to Twitter users who have been with the network since the beginning, he implied that the company would be minimizing the importance of those 140 characters, instead focusing on that shorter text limit as a gateway to other content.
This stance isn’t all that surprising considering the new “expanded tweets” feature that Twitter unveiled last month that allows for more information, such as photos and article excerpts, to be included with each tweet. This effectively makes a tweet longer than 140 characters without directly lifting that iconic character limit.
Costolo also spoke about the shift in Twitter users away from third-party apps towards Twitter’s official website and mobile apps. Although he didn’t cite any statistics, he claims that the majority of users now access their tweets through one of Twitter’s official channels.
(Truckload of money image via Shutterstock)