Twitter IPO: secret S-1 registration reveals little about company
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2013-09-28
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Twitter IPO! The popular messaging platform has filed S-1 registration document with the SEC to sell shares to the public, a move that will make billionaires of founders Jack Dorsey, Evan Williams and Biz Stone.
The S-1 registration document is secret because Twitter has filed its offering under the JOBS Act. That legislation allows companies with less than $1 billion in revenue to withhold certain financial information (such as how much its executives get paid) until 21 days before its roadshow begins.
An S-1 document would also reveal key metrics such as revenue. EMarketer estimates that Twitter's global advertising revenue is about $582 million this year.
Twitter is valued at about $10 billion presently, based on trading of employee shares in the gray market. The expected valuation for the IPO is expected to fall between $14 billion and $20 billion.
The company's venture capital backers include: First Round investors Charles River Ventures, Union Square Ventures, and angel investors Ron Conway, Chris Sacca, Marc Andreessen and Dick Costolo, who is now Twitter's chief executive; Second Round investors Jeff Bezos and Kevin Rose; Third Round investors Benchmark Capital; Fourth Round investors T. Rowe Price and Morgan Stanley; Fifth Round investors Kleiner Perkins; and Sixth Round investors DST Global, the Russian guys.
Twitter announced the IPO on its message platform. It said: 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. #We'reRich! #SuckItFacebook
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The S-1 registration document is secret because Twitter has filed its offering under the JOBS Act. That legislation allows companies with less than $1 billion in revenue to withhold certain financial information (such as how much its executives get paid) until 21 days before its roadshow begins.
An S-1 document would also reveal key metrics such as revenue. EMarketer estimates that Twitter's global advertising revenue is about $582 million this year.
Twitter is valued at about $10 billion presently, based on trading of employee shares in the gray market. The expected valuation for the IPO is expected to fall between $14 billion and $20 billion.
The company's venture capital backers include: First Round investors Charles River Ventures, Union Square Ventures, and angel investors Ron Conway, Chris Sacca, Marc Andreessen and Dick Costolo, who is now Twitter's chief executive; Second Round investors Jeff Bezos and Kevin Rose; Third Round investors Benchmark Capital; Fourth Round investors T. Rowe Price and Morgan Stanley; Fifth Round investors Kleiner Perkins; and Sixth Round investors DST Global, the Russian guys.
Twitter announced the IPO on its message platform. It said: 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. #We'reRich! #SuckItFacebook
--------------------------------------------------------
TomoNews is your daily source for top animated news. We've combined animation and video footage with a snarky personality to bring you the biggest and best stories from around the world.
For news that's fun and never boring, visit our channel:
https://www.youtube.com/user/TomoNewsUS
Subscribe to stay updated on all the top stories:
http://www.youtube.com/subscription_center?add_user=TomoNewsUS
Stay connected with us here:
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