You got it right when it came to facebook.
You predicted shares would go down to 18. i did that.
What are you thinking now?
The one call i got right was not with my money.
Click see if you can do it again.
What do you think of this valuation?
A valuation is hard to get to for me, because there is no free clash low -- cash flow.
There is an investor that likes this sort of thing.
There is really fast revenue growth.
We talked about this yesterday.
In this kind of market, where electric cars and 3-d printers are more valuable than electrical power and bleach in the financial markets, they are going to love this kind of company, and the rapid sales growth is going to have investors really excited.
A question is whether they are going to keep up the rapid growth.
The most important number that suggests that is not the slowing growth of the user base.
But increasing growth in the monetization of the user base.
And every single quarter, you have seen an increase in the value from users.
The revenue is growing nicely.
What is the opportunity for advertisers and for twitter?
When i get an ad crossing, i pretty much ignore it.
Maybe it annoys me a little bit.
I am not clicking on it.
I think cory has it.
There is low hanging fruit for advertisers and for their opportunity for twitter to be monetizing ad dollars.
Our system, we see $50 billion in ad spend annually in the u.s. , and 50% of our agencies are buying twitter right now.
90% by facebook.
The gap between the 50 and the 90 is twitter's to have.
I think there is a lot of opportunity.
Are these well targeted ads?
How about twitter?
I think twitter is making the right move to grow their user base and to create meaningful engagement at a place advertising at the right time for that engagement.
I think back to what cory was saying.
They are just starting to do this, and they have a real monetization opportunity.
As joy is talking about the numbers and the advertising, talk to us about how effective twitter has been at the monetization process.
Facebook and google, you click on something that you found on one of their sites, and ultimately those companies make money.
Has twitter been able to do the same thing?
I think probably up to this point.
I think if you are successful at connecting people, you connected to who they associate with.
You are probably going to have a good chance of tapping into the things they want, and marketing to them.
I think the focus has always been, with twitter, about connecting people.
I think by staying focused on that, advertising comes naturally.
Did you get equity in the company?
I did get some.
And you kept it?
I cap a lot of it.
I have over the years cashed out a couple of times, and that has been good for me, but i am looking forward to the ipo.
Any sense of what you could make in the ipo?
I am not sure.
This will not make me a millionaire.
Well, you are going to make some money.
As a guy who used to work there, twitter spends about 44% of its sales on r&d. facebook is about 14%. google is 6%. where does that 44% go?
Twitter was born out of people sitting in front of a whiteboard and throwing ideas at it.
Although it is a simple idea, a status message, that is where it came from.
We have kept to the core product strong.
By being about invention and innovation, i think that is what twitter has always been about.
One of the challenges of going from a private company to a public company is, all of a sudden, you have the scrutiny of wall street all over you.
We'll truly, what can that due to a company such as twitter?
It is still young and in this tech growth startup mode.
First of all, it is not unfamiliar territory in the bay area.
It is a rite of passage, the ipo, and a lot of people have been through these will stop a lot of twitter employees came from places like google, where they have seen these things happen.
Taking your eye off the ball can be a bad thing.
However, the notion of getting rich -- people will work hard, hoping they will get the opportunity, the stock options.
I went to this with the street, when we took the company public.
We all put on his face, nose to the grindstone, working hard.
There were a lot of conversations about how we were going to manage the process.
That is certainly a thing that happens to an organization.
I think the private market -- i should say the public market for private securities has been around.
We were just talking to someone who was able to sell shares before an ipo.
A lot of people have been able to monetize already.
It might not be as giant a deal with the company as it would have been a few years back, when they could not ever take the money off the table.
How do you think people will be dealing and coping with being excited by the idea, culturally, within the organization?
I actually have not been a part of the organization for some time.
I was one of the early twitter guys.
I am sure people are looking forward to the payday, but it is probably not one of the most exciting events in twitter history.
There have been more notable events like the arab spring.
Twitter has probably been unexciting place to work from the beginning.
Twitter spends about $2.35 to acquire a new customer, facebook nearly twice that.
Does that say more about twitter or facebook?
Which needs to adjust?
What really needs to happen is twitter needs to continue to grow that user base.
Match that with really scalable advertising.
Their whole ipo success and future growth trajectory depends on their ability to allow buyers, media buyers, whether they are agencies are advertisers directly, to tap twitter as an advertising tool.
I would speak less to the dollar per user.
The users are important.
But what is even more pivotal for twitter is to get at the ad dollar pool.
We will be watching all of it.
They need that growth to continue.
Thank you so much.
Coming up, italy's bargain-
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