Twitter to become Publicly Traded Company
An announcement was made on Thursday by Twitter stating to become a publicly traded company. It has already begun with the paper work to initiate the process. The announcement was made through a Twitter message at 5 pm, Eastern.
"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 company said in message on its social network feed.
As per the Jobs Act, emerging companies can file an IPO in a confidential process with the Securities and Exchange Commission. The Act was passed last year, according to which, those making less than $1 billion in revenue will be considered as emerging companies.
Under the law, Twitter's documents can remain confidential for up to 21 days before going on its IPO road show. The company refused to make any comment except from its tweet. As per the estimates of analysts, company's IPO could be valued at around $10 billion.
After the announcement was made, the stock was trading closer to $15 billion on private markets. Twitter was established in 2006. It completed its seventh year in March and has become the most popular central forum for public discussion.
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