Twitter has finally confirmed the rumours of a planned Initial Public Offering (IPO). The microblogging service fittingly revealed the news that shares in its social media site will be up for grabs via (who'd have thought it?) its Twitter account.
Twitter has finally confirmed the rumours of a planned Initial Public Offering (IPO). The microblogging service fittingly revealed the news that shares in its social media site will be up for grabs via (who’d have thought it?) its Twitter account.
The announcement read: “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.”
Nevertheless, the submission to the Securities and Exchange Commission inevitably does begin the process for an initial public offering. Companies with less than $1 billion annual revenue can confidentially IPO paperwork after a securities rule change implemented last year.
As a result, companies can keep their financial results undisclosed until they are closer to pitching their stock to investors.
According to Bloomberg, Twitter was valued last month at around $10.5 billion by GSV Capital Corp.
In the company’s seven-and-a-half years, over 170 billion tweets have been sent by over 200 million users, and it’s thought their increased push towards advertising will see more businesses take advantage of the popular social media site.
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