Twitter announced today...on Twitter...that the company has confidentially begun the process of filing for an Initial Public Offering, or IPO. Filing for an IPO is the first step for a company to go public, so this means we'll be seeing TWTR on the stock market at some point pretty soon.
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
Despite the public announcement, Twitter is doing this quietly; the "confidential" filing merely allows the Securities and Exchange Commission to look over the application before Twitter has to release any of the specifics (like possible stock price) to the ever-hungry public. That secret filing has some requirements--Twitter has to have below $1 billion in annual revenue, for example--but apparently the company thinks it qualifies. (You can read more about the specifics of a secret IPO here.)
We'll keep you updated on what this means for you, even if it doesn't mean anything (which it might not!).
Yes Dan we know you like animals and all, but you
support of twitter birds is a little over the top.
Always love your articles, Dan. Here's a few edits, though. Please erase my comment once you've made them, so it doesn't detract from the story.
A confidentially submitted S-1 isn't "filed," so the headline should probably read "Twitter Begins Secret IPO; Announces It on Twitter." There's a large difference here, and company's spend millions keeping those words distinct (or pay millions if they don't).
So probably best to replace the word filing with submission throughout.
Also worth noting that this is the most common way to begin an IPO since the JOBS Act. The public will get 28 days to look over the full filing before it's launched, and all these confidential submissions and the SEC's responses will be open for the public to see, too.