Twitter IPO: Twitter Makes IPO Filing Public
Twitter has finally made its IPO filing public, roughly a month after initially announcing its plans with a tweet on the site. It will trade under the symbol TWTR, but it has not yet revealed on which exchange.
As part of the public filing, Twitter revealed its prospectus, which revealed key details of the site's operations that had previously been kept private. It reported the site made $317 million in 2012 and has brought in $253 million in revenue though the first half of 2013. Yet with revenues in the hundreds of millions, the site has reported net losses of $79 million last year and $69 million so far in 2013.
Twitter has announced it hopes to begin trading by Thanksgiving, but with financial instability following the government shutdown, that could be delayed. In its filing, Twitter listed possible irrelevance as a risk factor, along with failure to convince new users of the value and usefulness of the site.
The social media site, which boasts over 215 million active users (75% of which access from mobile devices) and 300 billion tweets, will offer nearly 500 million shares of stock at the start. It looks to raise $1 billion with its initial offering.
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