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<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><a href="http://www.youtube.com/watch?v=PLeGungH2yw">YouTube/Forbes</a></p><p class="caption">Benchmark's Peter Fenton </p></div><p></p></div></div>As soon as <keyword id="6354616" type="CITY" weightage="60" keywordseo="Twitter">Twitter</keyword> filed its paperwork to go public, reporters scrambled to make sense of it all. Two bits of news circulated about Twitter's investors that weren't true. </p>
<p><span style="font-size: 15px; line-height: 1.5em;">The truth is <a href="http://www.businessinsider.com/twitter-story-2013-10">buried here</a>, in a deep dive about Twitter's history and founding.</span></p>
<p><span style="font-size: 15px; line-height: 1.5em;"></span><span style="font-size: 15px; line-height: 1.5em;"><strong>1. A man named Peter Fenton <a href="http://www.cnbc.com/id/101087265">does not own 6.7%</a> of Twitter.</strong> But his firm, <keyword id="274436" type="COMPANY" weightage="60" keywordseo="Benchmark-Capital">Benchmark Capital</keyword>, does. Fenton's name was listed on the paperwork because he's a director of the firm and, as a Twitter board member, he's also considered an "insider." That does not mean he will personally pocket all the money from his firm's stake in Twitter, </span>which the paperwork seems to suggest.</p>
<p><strong>2. Benchmark Capital does not own the second-largest outside position in Twitter, even though the initial S-1 filing made it look like it does. </strong></p>
<p>Twitter was required to list every major shareholder in its company, which means any person or entity that owns 5% or more of Twitter. In the initial S-1, there were a number of people and firms listed, like Jack Dorsey and Peter Fenton, with shares that exceeded 5%. Then there was a section that listed 5% shareholders. There, firms like Rizvi Traverse, <keyword id="192346" type="CITY" weightage="60" keywordseo="Spark-Capital">Spark Capital</keyword> and <keyword id="1196785" type="COMPANY" weightage="60" keywordseo="Union-Square-Ventures">Union Square Ventures</keyword> were listed. Those firms all own more than 5% of Twitter. The revised S-1 ma<span style="font-size: 15px; line-height: 1.5em;">kes that more clear. </span></p>
<p>The largest outside position in Twitter belongs to Rizvi Traverse, which acquired shares later from early investors who sold some to it on secondary markets, like USV, Spark Capital and even co-founder Evan Williams. Rizvi Traverse now owns nearly 18% of Twitter.</p>
<p><span style="font-size: 15px; line-height: 1.5em;">Next, J.P. Morgan and its affiliates own 10.3% of Twitter. Spark Capital owns the next largest outside stake, with 6.8% of Twitter, followed by Benchmark then Union Square Ventures, which owns 5.9%.</span></p>
<p><span style="font-size: 15px; line-height: 1.5em;">Here's what the initial S-1 looked like, which caused some confusion:</span></p>
<p><span style="font-size: 15px; line-height: 1.5em;"><div class="KonaFilter image-container click-to-enlarge"><div class="image"><a title_source="SEC" title_caption="" class="zoomin" href="http://static2.businessinsider.com/image/52612a1c6bb3f7d44f04e1da-960/screen%20shot%202013-10-18%20at%208.26.37%20am.png"><span class="click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><a href="http://www.sec.gov/Archives/edgar/data/1418091/000119312513390321/d564001ds1.htm">SEC</a></p></div><p></p></div><span style="font-size: 15px; line-height: 1.5em;">Here's what the revised paperwork looks like:</span><div class="KonaFilter image-container click-to-enlarge"><div class="image"><a title_source="SEC" title_caption="" class="zoomin" href="http://static2.businessinsider.com/image/52612a5a6bb3f7d44f04e1dd-960/screen%20shot%202013-10-18%20at%208.19.30%20am.png"><span class="click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><a href="http://www.sec.gov/Archives/edgar/data/1418091/000119312513400028/d564001ds1a.htm">SEC</a></p></div><p></p></div></span></p>

A Man Named Peter Fenton Does Not Own 6.7% Of Twitter And Other Misconceptions About Twitter's IPO Filing

<p>Jawbone is raising <a href="http://recode.net/2014/02/13/rizvi-traverse-to-lead-250-million-investment-in-jawbone-at-3-3-billion-valuation/">$250 million at a $3.3 billion valuation</a>, according to Recode's Kara Swisher.</p>
<p><span style="font-size: 15px; line-height: 1.5em;">Jawbone is a hardware company that makes fitness technology, speakers and sound systems. </span></p>
<p><span style="font-size: 15px; line-height: 1.5em;">Swisher's sources say a bunch of investors were scrambling to get into the deal but that Twitter investor Rizvi Traverse Management will be leading the round. Rizvi Traverse was <a href="http://www.cnbc.com/id/101163748">Twitter's largest outside shareholder</a> when it went public. Jawbone's previous investors, such as Andreessen Horowitz and Kleiner Perkins, are expected to invest as well.</span></p>
<p><span style="font-size: 15px; line-height: 1.5em;">Once this round closes, Jawbone will have raised nearly half-a-billion dollars. It was founded by Hosain Rahman in 1999. Here are some of its products:</span></p>
<p><span style="font-size: 15px; line-height: 1.5em;">The Jambox:</span></p>
<p><span style="font-size: 15px; line-height: 1.5em;"><div class="KonaFilter image-container"><div class="image"><p class="source"><span>Dylan Love</span></p></div><p></p></div><span style="font-size: 15px; line-height: 1.5em;">The Up fitness band:</span></span></p>
<p><span style="font-size: 15px; line-height: 1.5em;"><div class="KonaFilter image-container"><div class="image"><p class="source"><span>Kevin Smith/Business Insider</span></p></div><p></p></div><br /></span></p>

Jawbone Will Become A $3.3 Billion Company, Thanks To A $250 Million Round Led By Twitter Investor Rizvi Traverse

<p></p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Twitter board members have begun "warming to the idea" that Dorsey could run Twitter while still remaining CEO at Square,&#xa0;<a href="http://www.nytimes.com/2015/09/29/technology/momentum-grows-for-jack-dorsey-of-square-to-also-run-twitter.html?_r=0">sources tell Mike Isaac at The New York Times.&#xa0;</a><p>When&#xa0;former Twitter CEO Dick Costolo announced his resignation, the company's board said that it would only consider replacement candidates who could "<a href="https://investor.twitterinc.com/releasedetail.cfm?ReleaseID=918844">make a full-time commitment to Twitter</a>."</p><p>That seemed to rule out the possibility of interim CEO and Twitter cofounder, Jack Dorsey, from&#xa0;staying on permanently, because he's also the CEO of payments startup Square, which has reportedly&#xa0;filed to go public. Dorsey has made it clear, <a href="http://www.businessinsider.com/jack-dorsey-telling-insiders-will-stay-square-ceo-2015-9">both publicly and privately to insiders&#xa0;</a>, that he doesn't plan to leave Square.&#xa0;</p><p>Now the board is apparently reconsidering their rule, and investors have started to declare their support for Dorsey, too.&#xa0;</p><p>"After watching Jack execute on his vision at Square, and more recently at Twitter as C.E.O., we are highly confident in Jack's ability to serve as C.E.O. of both companies,"&#xa0;a spokesman for Rizvi Traverse Management, which owns a&#xa0;~5% stake&#xa0;in&#xa0;Twitter told Isaac.&#xa0;</p><p>Rizvi Traverse Management's support joins a chorus&#xa0;that includes early Twitter investor Chris Sacca and Keith Rabois of Khosla Ventures, a major Square shareholder.<a href="http://www.businessinsider.com/jack-dorsey-telling-insiders-will-stay-square-ceo-2015-9"> Sacca recently declared that all of Twitter's "largest shareholders" want Dorsey</a>&#xa0;to be named permanent CEO, despite his joint committment to Square. Sacca also tweeted on Friday that there's only one board member who's standing in the way of appointing Dorsey CEO:<div></div></p><p class="embed-spacer"><div></div></p><p class="embed-spacer">One wrinkle in the reported surge in support is that&#xa0;it could make Twitter susceptible to lawsuits from shareholders saying that they had purchased stock based on the board's assertion that it would hire a fully committed CEO.&#xa0;</p><p>Meanwhile, sources also told Isaac that Beth Comstock, vice chairwoman of GE, is one of the candidates suggested by the firm Twitter hired to make recommendations.&#xa0;</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/facts-twitter-jack-dorsey-ceo-2015-6">The full story of Jack Dorsey is much more awesome than you realize</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="gyZ2ptdTozPFw5g_VY4mVcCrCjDI1DMb" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Board members are starting to admit that Jack Dorsey could run both Square and Twitter

<p class="p1"><span class="s1"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Charley Gallay / Stringer / Getty Images</span></p></div><p></p></div></div></span></p><p class="p1"><span class="s1">Playboy is "exploring a sale," and could potentially be valued at $500 million, <a href="http://www.wsj.com/articles/playboy-enterprises-explores-sale-1458845313">according to the Wall Street Journal's Steven Perlberg and Dana Cimilluca</a>. </span></p><p class="p1"><span class="s1">Investment bank <span>Moelis &amp; Co.</span> is advising Playboy, it confirmed to Business Insider</span><span class="s1">.</span></p><p class="p1"><span class="s1">The company is also reportedly "open" to <a href="https://twitter.com/CNBCnow/status/713070679386533888">breaking itself up and selling the pieces</a>.</span></p><p class="p1"><span class="s1">Founder Hugh Hefner <span>owns about a third of Playboy, <a href="http://www.wsj.com/articles/playboy-enterprises-explores-sale-1458845313">sources told the Journal</a>. He took Playboy private in 2011 with <span>Rizvi Traverse Management, a private equity firm, in a deal which valued the company at $207 million.</span></span></span></p><p class="p1"><span class="s1"><span><span><a href="http://www.wsj.com/articles/playboy-enterprises-explores-sale-1458845313">The Journal</a> pegs Playboy's 2015 revenue at $38 million from media and $55 million from licensing.</span></span></span></p><p class="p1"><span class="s1">Last fall, Playboy dropped fully nude women from its print product. <span>"That battle has been fought and won," CEO Scott Flanders <a href="http://www.nytimes.com/2015/10/13/business/media/nudes-are-old-news-at-playboy.html?_r=0">told The New York Times at the time</a>. "You're now one click away from every sex act imaginable for free. And so it's just passé at this juncture."</span></span></p><p class="p1">In January, the Playboy Mansion went up for sale for $200 million. The sale, however, would require Hugh Hefner to be able to live out the rest of his days in the iconic 29-room mansion.</p><p class="p1">Playboy thinks its <a href="https://twitter.com/miriamgottfried/status/713072132339707904">brand is so powerful</a>, that Playboy's bunny is arguably more recognizable than Nike's swoosh.</p><p class="p1">Playboy was not immediately available to comment.</p><p class="p1"><em>Developing...</em></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/patagonia-white-giant-glacier-collapse-2016-3">This video of a massive 230-foot glacier collapsing is absolutely mesmerizing</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="pndGp4MTE6G_jQrI56sKLTVDdjPpY3q-" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Playboy is looking to sell itself for ~$500 million

<p><div class="KonaFilter image-container float_right"><div class="image on-image"><p class="source">Steve Kovach/Business Insider</p></div><p></p></div>Social news app <keyword id="733890" type="COMPANY" weightage="60" keywordseo="Flipboard">Flipboard</keyword> is in the final stages of raising a $50 million funding round, <a href="http://finance.fortune.cnn.com/2013/11/25/flipboard-50-million/?utm_campaign=Feed%3A+fortunefinance+%28Fortune+Finance%3A+Hedge+Funds%2C+Markets%2C+Mergers+%26+Acquisitions%2C+Private+Equity%2C+Venture+Capital%2C+Wall+Street%2C+Washington%29&amp;utm_medium=feed&amp;utm_source=feedburner" target="_blank">Fortune reports</a>. </p>
<p>This comes just two months after <a href="http://allthingsd.com/20130923/exclusive-flipboard-raises-50-million-more-on-800-million-valuation/" target="_blank">Flipboard raised $50 million at a reported $800 million valuation.</a> Though, the round was reportedly always supposed to be $100 million led by <span style="line-height: 1.5em;">Rizvi Traverse Management for that round.</span></p>
<p>If and when Flipboard closes this round, it will have raised $160 million in total. </p>
<p>Just last month, Flipboard announced that it had hit 90 million users.</p>
<p>Business Insider has reached out to Flipboard for comment and will update this story if we hear back.</p>

Social News Reading App Flipboard Is Reportedly Raising $50 Million

<p><div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image on-image"><a title_source="Getty Images/Bill Pugliano" title_caption="Jack Dorsey, founder and CEO of Square" class="zoomin" href="https://static-ssl.businessinsider.com/image/543200e46bb3f73168a032a1-960/jack-dorsey-913-11.jpg"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>Getty Images/Bill Pugliano</span></p><p class="caption">Jack Dorsey, founder and CEO of Square</p></div><p></p></div></div>Payments startup Square has raised $150 million at a $6 billion valuation, in a recently closed funding round led by the Government of Singapore Investment Cooperation, reports <a href="http://bits.blogs.nytimes.com/2014/10/05/square-raises-150-million-at-a-6-billion-valuation/?_php=true&amp;_type=blogs&amp;smid=tw-nytimesbits&amp;_r=0" target="_blank">Mike Isaac at The New York Times</a>. </p>
<p>This report aligns with <a href="http://www.businessinsider.com/square-raises-100-million-at-a-6-billion-valuation-2014-9" target="_blank">an earlier filing</a> that showed that Square had raised at least $100 million in a then-unclosed round.</p>
<p>The Times' sources say that new investors in the round include Goldman Sachs and Rizvi Traverse Management.</p>
<p>Square confirmed the round, though not the amount or the valuation. </p>
<p>"We stand for independent businesses and will continue to invest aggressively to empower them with tools that help them grow," a Square spokesperson told Isaac. </p>
<p>Generally, it's been a tough year for Square, between <a href="http://online.wsj.com/news/articles/SB10001424052702303825604579513882989476424" target="_blank">a mix of bad press</a> and increasing competition. <a href="http://www.businessinsider.com/r-amazoncom-builds-brick-and-mortar-presence-with-card-swiping-device-2014-13">Amazon recently launched a new card reader device</a> that undercuts Square on transaction fees, and <a href="http://www.businessinsider.com/apples-payments-system-facts-2014-9" target="_blank">Apple just entered the mobile payments arena</a> with Apple Pay. eBay also just announced that it would <a href="http://www.businessinsider.com/ebay-to-separate-paypal-and-ebay-2014-9" target="_blank">spin PayPal into a seperate company</a> next year to better tackle the payments space.<span><br /></span></p>
<p>Square's main product is a white dongle that can attach to smartphones and accepts credit cards, but the company has also ventured into some other areas of ecommerce, like with Square Capital, where it lends money to small businesses, <a href="https://itunes.apple.com/us/app/square-order-pickup-from-local/id873401154?mt=8">Square Order</a>, for ordering food from restaurants, and a new product that will <a href="http://www.businessinsider.com/square-feedback-interactive-receipts-2014-5">turn a receipt into a feedback platform</a>.<span><br /></span></p>

Square Raised $150 Million At A $6 Billion Valuation

<p><div class="KonaFilter image-container float_right"><div class="image on-image"><p class="source">Brad Barket/Getty</p></div><p></p></div>SAN FRANCISCO (<keyword id="76338" type="CITY" weightage="60" keywordseo="Reuters">Reuters</keyword>) - <keyword id="6354616" type="CITY" weightage="60" keywordseo="Twitter">Twitter</keyword> is preparing to sell 70 million shares to the public in an IPO that will value the company at $10.9 billion. Below is a list of the number of shares owned by some of the people and investment firms that will benefit most from the offering:</p>
<p>Executive officers and directors:</p>
<p>Evan Williams, 56,909,847 shares, or 12 percent. Williams was Twitter's CEO until 2010, when current chief Dick Costolo took the helm. He is now working on a publishing platform, Medium, dedicated to long-form content. Williams will have a 10.4 percent stake after selling shares in the IPO, according to the company's most recent prospectus.</p>
<p>Jack Dorsey, 23,453,017 shares, or 4.9 percent. Dorsey co-founded Twitter and still serves as its chairman. In 2009, he founded payments service Square and serves as its CEO. Dorsey will have a 4.3 percent stake after the IPO.</p>
<p>Dick Costolo, 7,675,239 shares, or 1.6 percent. A onetime improvisational comedian, Costolo took the helm of Twitter in 2010. He joined Twitter as COO the year before, after he and co-founders sold their web feed management provider FeedBurner to Google in 2007. Costolo will have a 1.4 percent stake after the offering.<br /> Adam Bain, 1,785,818 shares, or less than 1 percent. Bain is the president of global revenue at Twitter. He was formerly the president of audience network at News Corp's Fox Interactive Media.</p>
<p>David Rosenblatt, 291,666 shares, or less than 1 percent. Rosenblatt is the CEO of luxury online retailer 1stdibs.com and is a member of Twitter's board of directors.</p>
<p>The following groups own at least 5 percent:</p>
<p>Rizvi Traverse Management and affiliates, 85,171,093 shares, or 17.9 percent. A closely held private-equity fund based in Michigan, Rizvi has made a name for itself by buying stakes in entertainment companies such as Playboy and movie producer Summit Entertainment. Last year, it led a $200 million funding round in Jack Dorsey's payments company, Square. The group will have a 15.6 percent stake in Twitter after the IPO.</p>
<p>Spark Capital and affiliates, 32,414,224 shares, or 6.8 percent. Venture firm Spark started investing in Twitter in 2008. For a time, Spark partner Bijan Sabet served on Twitter's board. The group will have a 6 percent stake after the IPO.</p>
<p>Benchmark, 31,567,052 shares, or 6.6 percent. Venture firm Benchmark started investing in Twitter in 2009 when it was valued in the $200 million-$250 million range. Benchmark will have a 5.8 percent stake after the IPO.</p>
<p>Union Square Ventures and affiliates, 27,838,992 shares, or 5.9 percent. Venture firm Union Square started investing in Twitter in 2008. For a time, USV partner Fred Wilson served on Twitter's board. The group will have a 5.1 percent stake after the sale.</p>
<p>DST Global and affiliates, 23,744,745 shares, or 5 percent. The investment firm founded by Russian billionaire Yuri Milner led a $400 million investment in Twitter in 2011. At the time, Twitter was valued at around $8 billion. The group will have a 4.4 percent stake after the IPO.</p>
<p>(Reporting by Alexei Oreskovic; Editing by Joseph Radford)</p>

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