San Francisco-based Twitter sent out a tweet Thursday afternoon alerting that it has “confidentially submitted an S-1 to the [Securities and Exchange Commission] for a planned IPO. This tweet does not constitute an offer of any securities for sale.”
The tweet confirms rumors in the markets over the last few days that Twitter would be the next social media firm to do an IPO and that a filing was imminent. The company has an estimated valuation of at least $9.5 billion, sources said. Twitter has received nearly $1.2 billion in venture capital funding, and it was expected that at some point investors would want a return on their investments.
This story first appeared in the September 13, 2013 issue of WWD. Subscribe Today.
Twitter on Monday said it acquired MoPub, a mobile ad exchange start-up. The acquisition, reportedly for $350 million, gives Twitter a mobile platform for advertising revenues.
Also, late last month, Twitter hired former Ticketmaster CEO Nathan Hubbard to the new position of head of commerce, a sign that monetizing the platform is in the works.
Twitter has been extremely popular with fashion followers and the brands themselves. Oscar de la Renta, Victoria’s Secret, DKNY and Burberry are among the many firms that are very visible on Twitter and consider it a key rung in their social media strategy.
Twitter was founded in March 2006 by Jack Dorsey. The online social networking service allows users to send and read messages of up to 140 characters.