Twitter files documents for initial stock offering
NEW YORK – Twitter is going public. The short messaging service aptly tweeted Thursday that it has filed confidential documents for an initial public offering of stock.
But the documents are sealed, as Twitter is taking advantage of federal legislation passed last year that allows companies with less than $1 billion in revenue in its last fiscal year to avoid submitting public IPO documents.
San Francisco-based Twitter Inc. posted on its official Twitter account Thursday afternoon that it has “confidentially submitted an S-1 to the SEC for a planned IPO.”
The confidentiality likely will help Twitter avoid the public hoopla that surrounded the initial public offerings of other high-profile social networking companies, including Facebook.
Mayor of D.C. vetoes minimum-wage law
WASHINGTON – Mayor Vincent Gray vetoed a bill Thursday that would force Wal-Mart and other large retailers to pay their employees at least $12.50 an hour, calling it a “job killer” that would not advance the goal of a living wage for workers in the District of Columbia.
The bill put Washington at the center of a national debate on how far cities should go in trying to raise pay for low-wage workers – and whether larger companies should be required to pay more. Supporters – including unions, clergy and other labor advocates – said Wal-Mart could afford the higher wages, while opponents said the bill unfairly singled out certain businesses and would have a chilling effect on economic development.
Wal-Mart fought the legislation vigorously, pledging not to build three of the six stores it has planned for the nation’s capital if the bill became law
But Gray, a Democrat, said the bill would have a much larger impact than many people realized.
Associated Press
