Social media giant Twitter announced that it had filed an application for an initial public offering via a 135-character tweet Thursday evening.
Thus far, that’s the only information about the proposed share sale the company has revealed, leaving potential investors in the dark about key facts such as the state of the company’s business, how it plans to handle the share sale or how much money it hopes to raise, the Financial Times reported.
Under the Jumpstart Our Business Startups Act (JOBS Act) passed last year, companies with less than $1 billion in revenue can filed their IPO applications confidentially without having to disclose additional information until close to the time when they will start selling shares.
Real estate portal Trulia took advantage of the new rule when it filed for its IPO last year.
The move gave the company breathing space to time its share sale between the Facebook IPO and the U.S. presidential election, Trulia told the Financial Times.
Source: Financial Times
