Twitter says it filed for IPO

Twitter, the micro-blogging social media site, said this afternoon that it has filed paperwork with the Security Exchange Committee to launch an Initial Public Offering (IPO). It is the most highly anticipated IPO since Facebook.

The company made the announced in a tweet, writing, “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.”

A minute later, Twitter send out another message that said “Now, back to work” and included a photo of staff.

According to a source for Bloomberg, the underwriter for the IPO will be Goldman Sachs Group Inc.

NBC News notes that Twitter was recently valued at $10 billion. The IPO could allow Twitter to boost ad revenue. By filing confidentially, the move could help Twitter avoid public speculation, which initially hurt Facebook’s IPO, which launched in May 2012. CNBC reported Wednesday that Facebook shares sold at $45, finally recovering from the plunge it took last year.

Legislation passed in 2012 allows companies with under $1 billion in revenue in its previous fiscal year to submit an IPO confidentially.

Twitter is a favorite form of communication for celebrities, who often use it to interact with fans. Lady Gaga has 40 million fans following her, while Justin Beiber is up to 44.4 million.

image: Twitter's official page

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