Today, the media reported that we selected London as our International HQ. That is not true. We have one HQ, in Venice, and many offices throughout the world.
We did, however, make a change to the way we operate our business in London. Going forward, we will bill our advertising revenue from the U.K. (and a few other countries) through a U.K. entity. This allows us to pay taxes in the U.K., which we believe is part of being a good local partner as we grow our business.
We want to pay taxes in the countries where we sell advertising, and this is an important step in building the infrastructure to achieve that goal.