The Street is buzzing with reports that Twitter plans to go public. Cramer got industry insights from BuzzFeed president, Jon Steinberg.
In a tweet, the social media giant announced that it had submitted a filing with the SEC.
Although Twitter declined to comment further, when social media is buzzing with late breaking developments pros often turn to BuzzFeed, a website that fuses social media and journalism.
And on Mad Money, comments from Jon Steinberg, the president and chief operating officer of Buzzfeed in NYC suggest that this IPO could be a milestone in business history. “It’s the first pure social media IPO,” he said.
Looking at the company’s worth, Twitter has been valued by private investors at more than $10 billion and is on track to post $583 million in revenue in 2013, according to advertising consultancy eMarketer.
Comments from Steinberg suggest $10 billion may be conservative. He thinks the IPO could be worth $10 -$20 billion.
When asked why Twitter went public he said, “I think Twitter wants to be a big independent company. They want to be the newswire for the 21st century.”
And Steinberg reminded that unlike Facebook, “Twitter is still tiny. I think there’s a lot of growth.”
[CNBC]