Twitter May Have A New Competitor Named Weibo

Just as Baidu and Google co-exist, so do Twitter TWTR and Weibo, a social platform that is expected to list on the New York Stock Exchange. The company is owned by Sina SINA.

According to CNBC, the company has hired Goldman Sachs and Credit Suisse to help it in their attempt to go public.

The IPO is expected to take place in the second quarter of 2014 and Sina, the owner of Weibo, wants to raise $500 million.

Alibaba has also taken interest in the company, as it paid $586 million for an 18 percent stake in Weibo, which valued them at $3.3 billion at the time.