Twitter takes first step toward going public
SAN FRANCISCO/NEW YORK (REUTERS) - Twitter Inc has filed for an initial public offering (IPO) with United States (US) regulators, the company said on Thursday, taking the first step toward what would be Silicon Valley's most anticipated debut since Facebook Inc's last year.
The impending IPO of the microblogging phenomenon ignited a competition among Wall Street's biggest names for the prestige of managing its coming-out party. Goldman Sachs is lead underwriter, a source familiar with the matter said on Thursday, which is a major coup for the Wall Street bank.
Twitter filed for an IPO confidentially under a 2012 law intended to help emerging corporations with less than US$1 billion (S$1.27 billion) in revenue go public.
Seven-year old Twitter, which allows users to send out streams of 140-character messages, has become an indispensable tool to governments, corporations and celebrities seeking to communicate with their audience, and for individuals seeking both news and entertainment.