Twitter picks NYSE over Nasdaq for IPO

Delivering a blow to the Nasdaq, which was accused of bungling Facebook's IPO, Twitter takes another route for its market debut.

Both the New York Stock Exchange and the Nasdaq have been courting Twitter to list the company's shares once it goes public. And it appears the social network has chosen a victor: the NYSE. The news comes via Twitter's updated S-1 filing on Tuesday.

While this doesn't make much of a difference to investors, it does deliver a blow to the Nasdaq, which is the home to most public tech companies, like Microsoft, Apple, Google, and Facebook.

Facebook is listed on the Nasdaq but it hasn't had a great experience with the exchange. In fact, on the first day of trading, technical glitches delayed the opening of shares causing an estimated $500 million in losses . The botched IPO also resulted in the Nasdaq having to pay $10 million to the US Securities and Exchange Commission to settle charges related to the errors.

Twitter earlier this month announced its plans to go public and goal to raise $1 billion. Its IPO date could be as soon as November 15 and the social network will reportedly use the ticker symbol TWTR.

CNET contacted Twitter for comment. We'll update the story when we get more information.

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About the author

Dara Kerr is a staff writer for CNET focused on the sharing economy and tech culture. She grew up in Colorado where she developed an affinity for collecting fool's gold and spirit animals.

 

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