This story has been updated with additional information on Twitter's business.
NEW YORK ( TheStreet) -- Twitter, the popular micro-blogging site, is filing for an initial public offering of its stock on Thursday. The company took to its own network to make the announcement, after months of speculation by media, Wall Street and investors.
"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," Twitter said at about 5 p.m. EST on Thursday.
In a follow-up tweet, Twitter then said, "Now, back to work," and linked to a photo of the company's offices.Unlike a traditional filing disclosed to public investors, companies like Twitter with revenue less than $1 billion in their most recent fiscal year can submit S-1 IPO filings confidentially with the Securities and Exchange Commission under the Jumpstart Our Business Startups, or JOBS Act. Twitter may have filed confidentially with the SEC as a means to gain feedback on its financial reporting without having to make a series of public amendments, Beth Saunders, Americas chairman of FTI Consulting's Strategic Communications practice, said in a telephone interview. The confidential filing and subsequent announcement on Twitter also proved to be a good marketing opportunity. "I think there is a good marketing pop and they got it," Saunders said. While details remain unclear, Twitter's pending IPO will likely be the most watched listing since Facebook's (FB) blockbuster May 2012 share sale. eMarketer projected in March that Twitter will earn $582.8 million in global ad revenue in 2013 before nearing $1 billion next year, with the majority of the company's growth coming from mobile users. TheDeal's Jon Marino reported in August that a shareholder pegged Twitter's market capitalization at about $12 billion. That source suggested Twitter's valuation would rise, but not past $15 billion, by the time it listed on public markets. "Twitter's not going to try and take every last dime off the table in
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV