Twitter IPO trial was successful
The New York Stock Exchange ran an IPO test run for Twitter shares over the weekend and have confirmed it was a success.
Despite a reported value of $10 billion (£6.1 billion) and 500 million tweets being sent per day by 218 million users, Twitter does not turn a profit. However, the micro-blogging behemoth will next month make an initial public offering of 70 million shares - priced between $17 and $20 - in an attempt to turn things around.
Twitter will trade on the New York Stock Exchange - unlike their social networking rivals Facebook, who experienced a particularly problematic initial public offering on the Nasdaq Stock Market in May 2012.
Though the NYSE regularly conduct systems tests over weekends, Reuters report that this was in fact the first time they had run a simulated IPO. One firm apparently managed to place a dummy order of 81 million shares.
A spokeswoman for the NYSE stated: "[The] systems test was successful, and we're grateful to all the firms that chose to participate. We are being very methodical in our planning for Twitter's IPO, and are working together with the industry to ensure a world-class experience for Twitter, retail investors and all market participants."
NYSE intend to usurp Nasdaq's hold over technology listings
As a result of the Facebook debacle, Nasdaq were fined $10 million by the US Securities and Exchange Commission, and are to pay over $41 million in compensation to broker-dealers for the losses suffered.
Kleon West, business development director at theEword remarked: "Though traditionally not as involved with the trading of technology company shares as rivals Nasdaq, the NYSE could well see Nasdaq's Facebook failure - and their own imminent IPO of Twitter shares - as a huge opportunity to encroach on that market."