Micro-blogging site Twitter has announced that it’s planning to join the stock market with an IPO (initial public offering).
It made the announcement yesterday from its official account on the site (@twitter), stating: “We’ve confidentially submitted an S-1 to the SEC for a planned IPO. This Tweet does not constitute an offer any securities for sale.”
As well as receiving a significant amount of attention in the technology and social media marketing worlds, it also caused quite a buzz amongst the site’s users – with 12,883 retweets up until this morning (13 September).
Independent market research firm, eMarketer has forecast that Twitter’s set to post $583 million in revenue for 2013.
The SEC’s (Securities and Exchanges Commission) states companies classed as an ’emerging growth company’ – those with revenues of less than $1 billion – can file a confidential prospectus for a public share sale.
Twitter, which was founded back in 2006 by Biz Stone, Evan Williams, and Jack Dorsey, has been valued by investor at in excess of £6.3 billion ($10 billion).
The announcement adds to an already busy week of news for the social media giant.
Previously (on Monday) it revealed it had acquired mobile advertising exchange firm, MoPub, in a deal worth a reported $350 million.
Speaking about the deal earlier this week, Twitter’s vice president of revenue product, Kevin Weil, said: “We look at it as a big bet on the mobile ecosystem.
“It’s growing incredibly quickly. We think mobile advertising is in the early stages, and Twitter and MoPub together give us the opportunity to help drive what mobile advertising becomes,” Mr Weil concluded.
News brought to you by ClickThrough – specialists in Search Engine Optimisation and Internet Marketing.