Twitter, an online social media network has finally decided that it would go public. However, the manner in which it will do so would be such that it would keep most of its business details private for some more time.
Twitter tweets its announcement
The internet company quite appropriately used its own service for making the announcement. On Thursday afternoon, it tweeted that it has filed the necessary documents for an initial public offering of the stock.
However, the information which has been filed with the Securities and Exchange Commission is sealed as Twitter is taking an advantage of a federal law that was passed last year that allows businesses earning less than $1 billion as revenue in a fiscal year to side-step the submission of the IPO documents.
Twitter is likely to benefit from the federal law as it would help it avoid a lot of public hullabaloo and intense scrutiny that companies usually face when they choose to go public.