Twitter has now revealed to the world that the company has filed confidential paperwork to begin its public offering.
The micro blogging site broke the news to its patrons through a tweet on the social media platform. "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 brand tweeted.
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In an attempt to add humour to the news, the brand followed up the tweet with a picture of its employees at their desk with a caption that read, "Now, back to work."
An IPO is considered to be a good opportunity for the seven-year-old Twitter, which presently has about 200 million users, reported The Wall Street Journal. The micro blogging site has created a platform for people around the world to come together and share their messages.
However, wven with such popularity, Twitter has been lagging behind in terms of business as compared to Google and Facebook.
The site has now submitted the filings to Securities and Exchange Commission under a new law called IPO provision JOBs Act, passed in 2012. According to this law, the companies with less than about £63 million ($1 billion) revenue can submit an SEC filing without making documents deal with any public process, reported Business Insider.
Twitter has 21 days of secret life until it goes for the roadshow. The roadshow is defined as the time when the micro blogging site will go around the world to gather some investors by selling its stocks.
The IPO will allow the company to confidentially work with the S1 filings and also avoids speculations about the deal, which might hamper the process.
The micro blogging site is said to be worth £6.3 billion ($10 billion) and appears to have followed the footsteps of Facebook. Twitter is also considering advertising to pull in more revenue for the site, but the bold step of IPO might do the deed, through which it will be able to go up against Google and Facebook, reported Tech Radar.
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