Twitter Files Secret S-1

Twitter is going public.

It has filed an S-1 with the SEC, but you will be unable to read it.

This is as a result of the JOBS Bill, which lessens financial reporting requirements for new enterprises.

Here's the full story, with the following great quote  

"But as we loosen regulations, we should always remember that the system only works if investors have trust in the companies and documentation they’re seeing. What people forget is that what we have now was born out of the Great Depression, when regular people lost or were swindled out of untold fortunes. When the original Securities Act was passed in 1933, president Franklin D. Roosevelt wrote a letter to Congress, saying that the “issue of new securities to be sold in interstate commerce shall be accompanied by full publicity and information.”"

Here's a wonderful book that details the fraud and complete loss of capital for ordinary people before we had regulations - an era we appear to be returning to.