Twitter Files for IPO: What You Should Know
It’s official: Twitter is going public.
The social media company announced Thursday that it filed plans for an IPO with the Securities and Exchange Commission, ending months of speculation about its intentions to sell stock on the public markets.
The company, which has 200 million members, disclosed the filing in a tweet. Analysts say Twitter could be valued at up to $10 billion, based on trading on secondary exchanges, in what will surely be the biggest tech IPO since Facebook’s $16 billion offering in May 2012.
Twitter used a provision of the JOBS Act that allows companies with less than $1 billion in revenue to file plans for an IPO in secret. The law, passed in 2012, is meant to spur public offerings by smaller companies. The confidential filing means regulators can now review Twitter’s documents without the company having to disclose its financials to the public.
The IPO announcement solves what had been one of the biggest questions in tech. For months, Twitter CEO Dick Costolo has steadily refused to tip his hand on whether the company would go public. On Monday, he declined to grant any interviews after giving a keynote presentation on leadership at TechCrunch’s Disrupt conference in San Francisco.
And, in an interview with Katie Couric at the Aspen Ideas Festival in June, he insisted that making money was not a priority.
“We think of revenue like oxygen,” he said at the time. “It’s necessary for life, it’s vital to the health and success of the business, but it’s not the purpose of life. You don’t get up in the morning and say, ‘I’ve got to get enough oxygen.’”
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