Twitter’s anticipated IPO filing may prove to be a disappointment for investors.

On Thursday, Nov 7 2013, Twitter began their IPO at $45.10 per share, initiating their start as a publicly traded company with Goldman Sachs as their lead underwriter.

Twitter is starting off conservative, as they do not want to make the same mistakes that fellow consumer internet companies such as Facebook and LinkedIn did by marking its their stocks too high. One thing that allowed Twitter to have a competitive advantage over Facebook’s IPO is that Twitter did not wait too long to go public, causing the value and share price to increase significantly, which may cause tech companies to become laggards after the 3 month mark. Twitter users have grown approximately 40% from 2012 to 2013, and its main revenue come from advertisements sales (90% of it!).

Despite Twitter’s wish to have a humble beginning, their IPO filing does not know any quantitative measures of their company’s strategy. There are only positive contributions to the 120,000 word document about the user growth of Twitter, instead of the effectiveness of advertisements. This is due to Twitter’s lack of a sturdy business model that acts as a guide for the company, since Twitter started off as a social media platform used to share daily life tidbits. There is no transparency for Twitter’s IPO filing, which could be risky for investors as there are no buyer/seller reports to base their investments off of.