13 September 2013 by Alexandra Jones
Social networking giant Twitter has revealed its plans to float on the stock market in a Tweet the company published last night.
The Tweet that announced its intention to sell shares referred to the official document filed to the market.
It said, ‘We've confidentially submitted an S-1 to the SEC [Securities and Exchange Commission] for a planned IPO [initial public offering]’ but no further details about when this will happen or the price of the offering were unveiled.
The company clarified however that the Tweet did not ‘constitute an offer of any securities for sale’.
Twitter was founded just seven years ago by Jack Dorsey, Biz Stone and Evan Williams yet investors now value the site at over $10 billion (£6.3 billion).
According to advertising consultancy eMarketer, the site – which makes most of its money from advertising - is expected to make $583 million in revenue this year, nearly double that made in 2012.
With public importance growing, Twitter is likely to be cast further into the public spotlight as the world anticipates its listing.