Twitter wants to raise $1bn in its stock market debut

Social networking company Twitter has said it plans to raise $1bn (£619m) in its stock market debut in documentsfiled with US regulators. In the filing, revealed on Thursday, the seven-year-old company said that it now has 218 million monthly users and that 500 million tweets are sent a day. It made a loss of $69m in the first six months of 2013, on revenues of $254m. It will be the largest Silicon Valley stock offering since Facebook's listing in 2012. Analysts said that the offering was likely to get a good response. "Social media is red hot," said Internet analyst Lou Kerner. "Twitter is front and centre benefiting from market enthusiasm for all things social, and remarkably strong metrics."