The Chief Executive Officer of Twitter Inc. – Mr. Dick Costolo is going on a business trip to China in order to get more information about the technology sector of the country in spite of the fact that the global platform for public self-expression and real-time conversation is banned there.
Twitter Inc. confirmed its Chief Executive Officers visit in Shanghai and said that Mr. Costolo went there for the first time to “learn more about Chinese culture and the country’s thriving technology sector”.
According to a person with knowledge of the visit, Mr. Dick Costolo has a meeting with Shanghai government officials and business leaders, as well as professors and students from the Fudan University at Shanghai, but he will not visit Beijing.
Unlike some may think, the companys Chief Executive Officer will not make any attempts on getting Twitter into the fast-growing and very promising Internet market in China, due to the fact that social networks in the country are censored by the government, and most large U.S. companies are not willing to cooperate. As reported by the Financial Times, the company also said: “We have no plans to change anything about our service in order to enter the market.”
Twitter was banned in China in 2009 and has been blocked there ever since. According to analysts, this is due to the fact that the government is concerned the social network may turn out to be used for organization and coordination of protests or demonstrations such as the ones in the Middle East.
The visit of Twitters Chief Executive Officer also comes at a time when two of the major Internet companies in China – Alibaba and Weibo – are getting ready to list in New York.
Twitter Inc. closed 3.08% lower at $51.92 on Friday in New York. The social media is valued at $30.55 billion. According to CNN Money, the 28 analysts offering 12-month price forecasts for Twitter Inc. have a median target of $51.50, with a high estimate of $75.00 and a low estimate of $32.00. The median estimate represents a -0.81% decrease from the last price.
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