Twitter Releases IPO Details, Trying to Raise $1 Billion

Company could be worth up to $20 billion when trading starts

Twitter revealed details its hotly anticipated initial public offering on Thursday saying it intended to raise $1bn from a share sale.

The seven-year-old social media company now has over 200 million active users who send 500 million tweets a day, according to the prospectus filed with the Securities and Exchange Commission.