Unpack the sirens and start firing up the hype machine, because Twitter just confirmed that yes, the company is planning to go public, and today the mad dash for the stock exchange begins.
Quick, everyone place your bets on how long it’ll take before we see Jim Cramer take a break from yammering about Snapchat to ham-fistedly explain Weird Twitter. Better buy your hand-sewn designer blue jeans now, before @jack makes bank and buys ‘em all.
The company announced the news in the form of a cheeky tweet:
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 (@twitter) September 12, 2013
“Now, back to work,” came the follow-up tweet.
The S-1 is the document that gets the ball rolling towards an IPO. Observers say the secret filing is possible because Twitter has less than a billion dollars in revenue, which doesn’t sound bubbly at all. And it sounds like some familiar locals will be getting a big piece of the pie:
BREAKING: Goldman Sachs said to be lead underwriter in Twitter IPO—
Bloomberg News (@BloombergNews) September 12, 2013
This confirms months of frenetic scuttlebutt, including this hastily scrubbed job listing for someone to prepare “monthly reporting materials, quarterly/annual financial statements and Form S-1 when we are ready to go public.” Sure, back in April Jack Dorsey (who hasn’t yet made a peep about the development) was still insisting an IPO was the furthest thing from his mind, but we all remember how David Karp used to talk about advertising, too. Money makes a convincing argument.
Besides, with Tumblr sold to Yahoo, we all needed the additional injection of excitement into our lives.
Get excited for the roadshows, starring Dick Costolo and Dick Costolo’s guns!