Banks flock to Twitter for flotation The social network, which allows people to share 140-character messages, is expected to float a small proportion of its shares later this year or in early 2014, potentially valuing the company at more than $11bn (£7bn). It has yet to appoint a bank to lead the process, but Twitter executives have met with Wall Street institutions in recent weeks as it gets closer to making its move. Banks including JP Morgan, Goldman Sachs, Bank of America, Citigroup and Credit Suisse are all expected to position themselves for the business. Twitter executives are understood to be keen to avoid the same mistakes as Facebook, whose flotation went badly because the business was overhyped and - some analysts believe - overpriced. Facebook debuted at $38 a share in May 2012 but quickly sank, hitting a low of $17.73 last September. It has since recovered that lost ground, hitting a high of $39.32 earlier this month. Twitter, which was founded in San Francisco seven years ago by serial entrepreneur Jack Dorsey, is keen to keep its flotation "low profile" by comparison, a source told the New York Post. Mr Dorsey, who is also the founder of mobile payments company Square, has said in the past that the company would go public when it is "ready for that milestone," rather than as an exit plan or goal in itself.