The Twitter IPO may be getting closer, but its early investors still may have to wait awhile before cashing out.
Lead underwriter Goldman Sachs this week sent dossiers to employees and investors outlining the dates at which the parties can sell. The documents included strict language precluding insiders from monetizing their investments in the IPO, unless expressly permitted by Goldman Sachs, according to people familiar with the matter. As of right now, it's expected Goldman will take a hard line toward would-be sellers, these people say.
Employees, meanwhile, were said to be reminded in the documents of a standard, 180-day lockup period.
Investors were supposed to agree to those terms and send the documents back to Goldman Sachs by 8 p.m. Wednesday, after which the groundwork would be laid to submit a comprehensive, public S-1 filing. (A confidential S-1 was filed earlier this summer, which Twitter announced—fittingly—on Twitter.)
(Read more: 4 numbers to watch for in Twitter's SEC filing)