Twitter has announced today on the company Twitter account that it has filed with the SEC to go public. the company is worth about $10 billion and the IPO will be a fresh source of cash for the company.
Twitter filed with the SEC "confidentially," which is a new thing. When President Obama signed the JOBS Act, he was allowing companies with under a billion dollars in revenue to go public without having to release the amount of financial information that a larger company would have to reveal. So, the public won't have a huge look into Twitter's financials right away.
Twitter will be releasing its financials about three weeks before they go public, but until then, the company won't be offering the inside look that everyone is excited to see. Also, Twitter supposedly had $350 million in revenue for 2012. According to Bloomberg, Goldman Sachs will be underwriting the IPO.
Stay tuned for more details.
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.
— Twitter (@twitter) September 12, 2013
