Twitter announces filing for IPO

Tyler Gieseke

Twitter announced Thursday in a tweet that it has confidentially filed for an initial public offering of stock, news sources report.

"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 tweet said.

The announcement came during a successful period for social media stock, CNN Money reported. On Wednesday, both Facebook and LinkedIn achieved record stock prices.

Twitter filed for an IPO confidentially, which means it doesn't need to publicly release its financial information until 21 days before its "roadshow," where it pitches the value of its stock to large investors, Forbes reported. 

 

The ability to file confidentially comes from the Jumpstart Our Business Startups Act, passed last year. It gives companies with less than $1 billion in annual revenue the chance to see if investors are interested before the companies tell the public they've filed for an IPO, according to CNN. 

 

Of the 131 IPOs priced this year, about two-thirds of them were filed confidentially like Twitter's, CNN said.