Twitter Shuns Nasdaq After Facebook Foul-Up
Twitter shares will trade on the New York Stock Exchange rather than the tech-heavy Nasdaq, which saw major problems in Facebook's market debut in 2012.
An update to Twitter's filing with the Securities and Exchange Commission on Tuesday said: "We intend to list the common stock on the New York Stock Exchange (NYSE) under the symbol 'TWTR.'"
Twitter's decision to list on the NYSE came after the Nasdaq's foul-up marred the $16bn (£10bn) Facebook share issue in May 2012, the most hotly awaited initial public offering on the US markets in years.
The Nasdaq exchange agreed this year to pay a $10m (£6.3m) penalty for trading glitches.
Nasdaq is also facing lawsuits from investors who claim the problems led to losses when they were unable to execute trades.
The update also said Twitter's monthly active users had grown to 232 million, up from 218 million as of June 30.
It said the company lost $133m (£83m) in the first nine months of 2012 on revenues of $422m (£263m), updating its earlier figures.
Twitter also revealed a new contract with chief executive Dick Costolo worth some $11.5m (£7.2m), mostly in stock.
Its senior vice president for engineering, Christopher Fry, will get $10.4m (£6.5m), again mainly in stock awards.
Twitter first revealed its initial public offering in a confidential filing last month, and in early October revealed it would seek to raise $1bn (£630m) for the massively popular messaging platform.