Twitter Chief Executive Dick Costolo has said in a statement that the company has no shortage of funds and they do not see the need to go public in the near future.

Twitter has been quite successful with promotional services which is their version of ads on the social sharing platform.

Costolo said:

We are going to remain private as long as we want. I like being private for all sorts of reasons. It allows us to think about the business and the way we want to grow it in the small boardroom as opposed to being beholden to a particular way of growing the business, such as quarter to quarter.

Facebook recently launched their IPO which turned into a major disaster for the company. They are recovering from the launch however though the valuation is still down.