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.
â€” Twitter (@twitter) September 12, 2013
Thus, in a short tweet Thursday afternoon, Twitter confirmed that it has filed for its initial product offering. As The Next Web points out, the fact that Twitter was able to submit confidentially means that the company posted revenue of less than $1 billion in the most recent fiscal year. Many companies filing for their IPOs have utilized the Jumpstart Our Business Startups Act, or the “JOBS Act," which lets companies with less than $1 billion in revenue file confidentially.
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Twitter's IPO filing has been widely expected, especially since Facebook (NASDAQ:FB) filed for its IPO in May 2012. Companies like Facebook and LinkedIn (NYSE:LNKD) hit all-time highs on Wednesday, CNN Money reports.
“I’ve been very outspoken about staying private as long as possible,” Facebook CEO Mark Zuckerberg said at the TechCrunch Disrupt conference on Wednesday, according to The Next Web. “But in retrospect, I was too afraid of going public. I don’t think it’s necessary to do that.”
According to Bloomberg News, Goldman Sachs will be the lead underwriter.