Ilya Marritz covers business for WNYC.
Three Ways the Twitter IPO Matters for New York
Thursday, November 07, 2013 - 12:00 AM
On Thursday, Twitter starts trading on the New York Stock Exchange. The initial public offering of shares in the San Francisco-based company matters to New York in several ways.
Number one: office space.
Two years ago, Mayor Bloomberg cut the ribbon on Twitter's small Madison Avenue office. A company spokesman says the office has grown from the original 40-person staff. And if the IPO is successful, Twitter could hire even more people locally.
Number two: money.
Early investors, like New York-based venture capitalist Fred Wilson, could make a big profit. So will Goldman Sachs and the other banks leading the IPO.
Number three: politics.
This is more in the realm of the hypothetical. Twitter co-founder and board member Jack Dorsey recently shared his private ambition to be mayor of New York with CBS' "60 Minutes"
“What I love about New York is just the electricity I feel,” Dorsey said.
To become mayor, Dorsey would first have to move to New York from San Francisco.