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On top of this, the process of assimilating new information into the market happens today much faster than it once did. This is partly because of technology; investors can download an S-1 the instant it’s filed with the S.E.C. There’s also just so much more investment analysis and media coverage of companies than there once was. (A lot of that analysis is, to be sure, amateurish and terrible. But that’s always been true of stock-market punditry.) So the notion that Twitter’s financials will not get enough scrutiny because its S-1 will be public only for a month or so is, frankly, absurd. It would be nice, I guess, if Twitter had just made its S-1 public yesterday. But if it had, the noise surrounding the company would be deafening. It’s not surprising that it wants to block that out for as long as possible.
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