San Francisco-based Twitter has filed for an initial public offering, “confidentially” submitting an S-1 to the SEC (which means it’s making less than $1 billion in revenue).
Of course, Twitter tweeted the news to its 23 million-plus followers.
That IPO will more than likely have implications for T. Rowe Price, the investment firm with headquarters in Baltimore, as the Baltimore Business Journal reports:
T. Rowe Price Group Inc. was one of the early investors in the popular social media site in 2009.
T. Rowe Price spokesman Brian Lewbart said in an email Thursday some of the money manager’s funds own a stake in Twitter. But he was unable at this point to confirm how much in total T. Rowe’s funds own.
As for what Twitter’s confidential filing means: in this respect, it means that Twitter need not make public the details of its proposed stock offering or its financial data. This type of IPO is now available to companies making less than $1 billion in revenue through the JOBS Act, signed into law last year.
Before you go...
To keep our site paywall-free, we’re launching a campaign to raise $25,000 by the end of the year. We believe information about entrepreneurs and tech should be accessible to everyone and your support helps make that happen, because journalism costs money.
Can we count on you? Your contribution to the Technical.ly Journalism Fund is tax-deductible.
Join our growing Slack community
Join 5,000 tech professionals and entrepreneurs in our community Slack today!
The looming TikTok ban doesn’t strike financial fear into the hearts of creators — it’s community they’re worried about
Protests highlight Maryland’s ties to Israeli tech and defense systems
These fulltime VR creators show Horizon Worlds isn't just for kids
