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Thursday, September 12, 2013

Twitter Confidentially Submits Plans for Public Offering

Updated, 5:46 p.m. |
Twitter filed the initial paperwork on Thursday for its long-awaited initial public offering of stock.

Unlike with typical I.P.O.’s, however, potential investors and the public will not yet get a look at the company’s finances.

The microblogging service, which has about 200 million users worldwide, filed its preliminary prospectus, known as an S-1, with securities regulators using a provision of the Jumpstart Our Business Startups, or JOBS Act, that allows the company to keep its initial filings confidential if it has less than $1 billion in annual revenue.

Goldman Sachs is leading the underwriting for the offering, according to a person briefed on the matter.