Twitter announces plan to float on the stock market

Social network to follow Facebook into public ownership

Twitter has announced plans to become a public company.

The social network said it had submitted the required forms to float, but gave no further details. If all of the paper work is in order, it could float before the end of the year

Twitter made its plans to float on the stock market via a tweet.

It will become the second major social network to float on the stock market. Facebook went public in May last year. However, while demand was high for stock during its initial public offering (IPO), its price has struggled since.

Referring to the paperwork required to float on the stock market in the US, it tweeted:

Investors value Twitter at more than $10 billion. It was founded in 2006 by Jack Dorsey, Biz Stone and Evan Williams.

According to advertising consultancy eMarketer, Twitter is expected to post revenues of $583 million (£367.5 million) this year. That would be up from the $288 million (£181.5 million) it posted in 2012.

Most of Twitter's advertising comes from promoted tweets.