Twitter will be the next big Internet firm to go public. The micro-blogging site today quietly filed for an initial public offering with the Securities and Exchange Commission, and later announced the move - of course - on Twitter.
"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 company tweeted from its @Twitter feed this afternoon.
The confidential nature of the filing means details about Twitter's plans are scant. As noted by Bloomberg, though, companies that make less than $1 billion in annual revenue can file confidentially under the Jumpstart Our Business Startups Act.
The move comes shortly after Facebook chief Mark Zuckerberg was quizzed at this week's TechCrunch Disrupt about his company's lackluster IPO. The social network filed for an IPO in Jan. 2012 and went public in May 2012, but hasn't exactly taken Wall Street by storm.
Facebook had an "extremely turbulent" first year as a public company, Zuckerberg said at Disrupt, though it made the company "a lot stronger."
"We run our company a lot better now," he said. "In retrospect, I think I was too afraid of going public."
For more, check out Before Facebook: A Look Back at Major Tech IPOs.
Source: http://feeds.ziffdavis.com/~r/ziffdavis/pcmag/breakingnews/~3/_AHqqt7UiX4/0,2817,2424377,00.asp
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