Recent media reports disclosed that renowned online social network Twitter Inc employees have executed a sale of 80 million US dollars of company’s shares to BlackRock Inc. Following the sale the company was worth nearly 9 billion US dollars. Company was founded in 2006. Since then it has sought to limit private share sale in the past.
People familiar with the matter told the company asked shareholders in 2011 to refrain from selling on web exchanges. The fast growing website is supporting some selected investors to gain equity in the company before it executes an initial public offering. Moreover, it is also helping some stockholders to realize the value of their holdings.
A person disclosed on the condition of anonymity that the sales were administered by Ali Rowghani the chief operating officer of Twitter. The deal with BlackRock indicates an evident growth in the value of the website since 2011. An additional investment at that time made by DST Global valued the social network nearly at 8 billion US dollars.
Twitter is closely involved in the private share sales which are a description of shift from the free market for shares of Facebook Inc (NASDAQ:FB).
A spokesperson for the Twitter Inc Gabriel Stricker declined to comment on the matter as did Farrell Denby, s spokesman for New York based BlackRock.
Major companies including The Procter & Gamble Company (NYSE:PG) and Starbucks Corporation (NASDAQ:SBUX) posted increased profits that led healthy surge in the United States stocks. Since 2004 Standard and Poor’s enjoyed its longest winning streak. Moreover, German business confidence beat forecasts. The biggest maker of consumer products Procter & Gamble raised its 2013 earnings forecasts and climbed nearly 4 %.
FB shares surged 1.48% to $31.54 in last trading session on Friday, The Procter & Gamble Company (NYSE:PG) shares soared 4.02% to $73.25 in last trading session, Starbucks Corporation (NASDAQ:SBUX) shares rose 4.10% to $56.81 in last session.