Report: The Twitter IPO Created 1,600 New Millionaires
According to market research analyst company PrivCo, the Twitter IPO created 1,600 new millionaires. Most of the new millionaires were rank-and-file employees. PrivCo tracks the records on private companies and calculated the new millionaires based on shares held by insiders one day after the IPO. PrivCo also calculated that the total tax bill for the IPO was $2.2 billion with the California State Tax Windfall hitting around $479 million.