The site has taken a big step towards going public. In a press release, the company has revealed that it has confidentially submitted a draft registration statement with the US Securities and Exchange Commission regarding the proposed initial public offering of its common stock. The SEC's approval is expected to take place after the announcement.
The social network has not yet decided how many shares will be offered or how much. It will likely reveal an initial valuation in the near future, but it's worth noting that it raised $700 million in a funding round back in August at a valuation of over $10 billion.
In September, the company sought to hire investment bankers and lawyers as advisers for a planned IPO in New York. The company was hoping to be valued at over 15 billion dollars by the time it takes place next year, according to reports. The company hired Drew Vollero, who was the first chief financial officer, in March.
Since 2005, when the website was founded, it has shot up in popularity as a news aggregation, messaging board, and social media website. In the second quarter of this year, it generated $100 million in advertising revenue, which is 192 percent more than what it generated in the same period of 2020. It intends to find more ways to incorporate video and audio into its website, which could lead to even bigger ad earnings.
