Twitter announced today that the company has filed for an IPO. The announcement came in the form of a tweet.
We’ve confidentially submitted an S-1 to the SEC for a planned IPO. This Tweet does not constitute an offer of any securities for sale.
The tweet reveals that Twitter is filing using the new 'secret' IPO process made available by the JOBS act. This lets them make initial SEC filings without public scrutiny until they decide to actually sell shares to the public.
The fact that Twitter is taking advantage of a JOBS filing means that the company’s annual revenue is less than $1 billion, since anyone above that threshold can’t use that process. “Secret” IPOs have been popular throughout 2013, though this is the first time we’ve seen a company acknowledge the initial S-1 filing in public.
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- Posted using my iPhone 5