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SOCIAL NEWS: Twitter plans to raise $1bn from IPO

Twitter plans to raise $1 billion from its first public offering (IPO).

Documents filed with US Securities and Exchange Commission revealed the social network’s finances for the first time.

In the document the company said it has 218 million monthly users and 500 million tweets are sent a day.

However, it made a loss of $69 million in the first six months of 2013, on revenues of $254 million.

While the company has never made a profit, its revenue has grown from $28 millionto $317 million in only two years.

In 2012, an estimated 85 per cent of Twitter's revenue came from advertising.

Furthermore, according to US-based financial analysts Twitter will almost certainly increase its trademark 140-character limit to accommodate advertising once it goes public.