Opinion

Ben Walsh

No, it’s not secret – a guide to Twitter’s confidential IPO filing

Ben Walsh
Sep 13, 2013 17:54 UTC

Twitter filed for an initial public offering: we know this because the company tweeted so, not because the registration documents, or the company’s financial disclosures, are publicly available. Twitter didn’t even have to tweet what it did: its not legally required to say that it has filed registration documents with the SEC (it did that voluntarily).

When did the process of filling IPO documents become confidential?

Here’s how the JOBS Act alters the IPO process:

    Its changes only apply to companies with less than $1 billion in annual revenue. Anything more, and the standard IPO process applies: registration documents, including a prospectus and financial details like revenue and profit, are public as soon they are filed with the SEC; and amended with increasing detail as the company gets closer to selling its shares.

    These companies (referred by the law as emerging growth companies) are allowed to file their IPO registration documents confidentially with the SEC.

    The registration documents are required to be made publicly available 3 weeks before the company starts meeting with potential investors to explain and sell its offering.

There are other provisions in the JOBS Act – changes in crowdfunding regulations, allowing hedge fund advertising – but in terms of IPOs, those three changes are it.

from MediaFile:

In a crisis, Twitter morphs into cable news

Ben Walsh
Dec 19, 2012 13:33 UTC

Twitter calls itself a “real-time information network that connects you to the latest stories, ideas, opinions and news about what you find interesting.” That network is defined by its personalization: The person who assembles her feed is the person who reads it. This is usually a benefit. Last Friday it became a distraction.

My unfiltered Twitter feed was basically unusable as an information source -- a repetition of facts shared space with anger, and grief, and commentary, and still more of the same facts. Instead, I relied on filters, and the individual streams of people who are extremely talented at culling what’s important and cutting out the repetition.

Those who load Twitter feeds with news organizations, journalists, and news junkies encounter a – how else to put it but in Twitterspeak? – #firstworldproblem. Jay Rosen, from New York University’s school of journalism has described it well: “7 out of 10 posts in my incoming Twitter feed are about the same story.” And when that kind of critical mass is reached, no matter if they’re trivial (Felix Baumgartner’s space jump), national (presidential election night) or tragic (last week), these moments have a particular rhythm.

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