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| The payday at Twitter many |
| The payday at Twitter many were waiting for
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| UNITED STATES OF AMERICA
, 14-September-2013
6:6:13 AM |
| In June 2007, Evan Williams was looking for investors for a quirky Internet communications service called Twitter that he had co-founded.
He had signed up a number of well-known Silicon Valley financiers, but he also dashed off a note to his old friend Dick Costolo, who had just sold his company to Google, asking if he would like to put in $25,000 or $100,000.
"I'm on the $25k bus," Costolo replied three minutes after receiving the email. "Thanks Ev, this will be a lot of fun."
Costolo, who is now the chief executive of Twitter, is one of a handful of individual investors who stand to reap the rewards of a potential initial public offering of stock in the social network. The company said Thursday that it had filed early paperwork with regulators to conduct such a sale, which will probably occur late this year or early next year.
Although many details are still unclear - most of all the offering price of Twitter's stock - Costolo's initial investment is probably worth more than $10 million, with additional shares he has received as an executive worth many millions more, according to people knowledgeable about the company's finances.
Twitter declined to comment on its finances, citing the confidential nature of its IPO filings at this stage in the process.
Williams, who provided crucial early financing for Twitter and remains its largest shareholder, will almost certainly become a billionaire. The venture investor Chris Sacca and at least two venture capital firms, Union Square Ventures and Spark Capital, will also very likely end up with stakes exceeding $1 billion each, according to an analysis of financial documents and interviews with people who know about Twitter's finances. Others could make tens of millions or even hundreds of millions of dollars.
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