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.
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