Twitter files for IPO

Twitter Employees Leaving

NEW YORK (CNNMoney) — Twitter filed for an initial public offering of stock on Thursday afternoon, though the details of its business will remain a secret for now.

The company sent its filing confidentially to the Securities Exchange Commission. Many soon-to-be-public companies have been taking advantage of new regulations passed last year in the JOBS Act, which allows smaller businesses to keep its financial data out of the public’s eye.

Twitter has been rumored to be going public for the past few years. After Facebook’s IPO in May 2012, Twitter was widely believed to be the next major technology company to offer its stock to public investors.

Twitter has exploded in usage since its creation in 2006, with hundreds of millions of users.

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