Twitter, the extremely popular micro-blogging service, has filed to go public. Twitter disclosed this information in a tweet. The filing was confidential under new SEC rules. Twitter’s annual revenues are less than $1 billion.
When companies decide to go public, they have to file an S-1 filing with the SEC. Companies that generate under $1 billion in revenues can file confidentially based on the Jumpstart Our Business Startups Act (JOBS Act).
According to AllThingsD, Twitter has received bids from hedge funds to buy the company entirely for between $26 and $28 per share, which values the company at about $14 billion.
Twitter raised around $1.16 billion in funding for last several years from investors like Charles River Ventures, Andreessen Horowitz, Bezos Expeditions, SV Angel, Union Square Ventures, Spark Capital, Kevin Rose, Tim Ferriss, Institutional Venture Partners, Digital Garage, Insight Venture Partners, T. Rowe Price, Morgan Stanley, Kleiner Perkins, and DST Global, and DFJ Growth.
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.
— Twitter (@twitter) September 12, 2013