The founders of Twitter look set to vastly increase their already impressive wealth after they announced that the company is preparing to float on the stock market.
After years of speculation, the social networking site, which has more than 200 million users worldwide, will finally follow in the footsteps of the likes of Facebook by filing an Initial Public Offering (IPO).
According to dailymail.co.uk’s report, the move could take the collective wealth of Jack Dorsey, Evan Williams and Biz Stone, who co-founded the site back in March 2006, from its estimated $3billion to more than four times that.
The company announced on Thursday that it had filed paperwork with the U.S Securities and Exchange Commission (SEC) in its first step toward an initial public offering.
It is expected to debut at a valuation of between $14 billion and $20 billion. The move is one of the most highly anticipated IPOs in tech history with Twitter the last of the major social networking sites to go public.
It comes after Facebook floated on the US stock market, in May 2012, for $104 billion (£66.2 billion) and, despite seeing an initial slump in shares, has since had a resurgence.
It is thought that like Facebook, Twitter bosses' hands were forced by the Jobs Act which requires a U.S firm to file an IPO once it has reached 2,000 investors.
Although the IPO was filed confidentially –the law allows companies with less than $1billion revenue in its last financial year to do so – the company was quick to announce its intentions, naturally, with a tweet last night.
The confidentiality should help Twitter avoid the media scrutiny that surrounded Facebook's decision to float.
The company has been ramping up its advertising products and working to boost ad revenue in preparation.