As part of the process, it filed an update to its S1 papers. (This happened yesterday when the tech world was laser focused on Apple's new iPad announcement.)
The hidden gem in the S1 update? Twitter's five outside board members (the board members whose day jobs aren't at Twitter) are set to get $16 million worth of stock each, as Footnoted points out.
Let's put that in perspective.
Before Facebook's IPO, its board members each got about $600,000 worth of stock. Google's board members got about the same.
So it looks like Twitter's board members are in for a huge payday when the company officially goes public in November.