Bangalore: An official tweet by Twitter announced that the company has submitted papers the Initial Public Offering. The social media giant with more than 200 million active users has been moving things confidentially after Facebook went public last year.

"We've confidentially submitted an S-1 to the SEC for a planned IPO. This Tweet does not constitute an offer of any securities for sale," the company tweeted.

Twitter, founded in 2006, now has a net worth of more than $10 billion. The booming social network generated revenues worth $585.2 million last year on advertisement and is planning to raise it to $1 billion by next year. The company said that they are concentrating more on mobile advertising after acquiring MoPub, a mobile ad exchange startup.

Twitter is on a rapid upward growth and has become one of the most influential social media with users including celebrities, politics journalists and many others. Now let’s wait and see, whether this popularity will reflect on the company’s Initial Public Offering or it’s going to be a flop show like Facebook IPO.

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