NEW YORK ( TheStreet) -- After Thursday's close, Twitter filed for its IPO. Telling TheStreet's Brittany Umar his thoughts on the matter is Jim Cramer.
Twitter filed confidentially with the SEC under the JOBS Act, which allows companies with less than $1 billion in annual revenues not to publicly disclose its S-1 filing when it files for its IPO. Rather, it can keep the S-1 private until 21 days before its road show begins.
Cramer said it's stupid that the act even exists, although he believes Twitter has been honest about its accounting and record-keeping.
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