Twitter announced its intention to trade shares on the New York Stock Exchange Tuesday afternoon, snubbing the more tech-focused rival market Nasdaq.
In an updated S-1 form filed with the SEC on Tuesday, Twitter stated it would trade shares on the NYSE under the previously announced ticker name TWTR. The announcement is a blow to Nasdaq, which has traditionally been the market of choice for tech companies. In the wake of Twitter’s announcement, Nasdaq OMX Group’s shares fell 1.6 percent.
Given fellow social media giant Facebook’s bungled IPO on Nasdaq in 2012, it makes sense that Twitter would choose to work with the New York Stock Exchange. Other high-profile tech companies have also recently listed with the NYSE, including software designer Oracle, which switched from Nasdaq to the NYSE earlier this year.
Either way, there appears to be no hard feelings between Nasdaq and Twitter.
“All of us at Nasdaq wish Twitter well as they pursue their initial public offering,” a Nasdaq spokesman told Forbes.