一家公司的股票价值只能由它的成交价决定。就Twitter来说，现在它的股价应该是31美元。

    《财富》杂志了解到，证券公司Felix Investments今天向客户开放了按照这个价格购买Twitter股票的渠道。以这样的价格水平计算，Twitter的价值约为155亿美元（954.8亿元人民币）。

    当然，这只是一个固定价格，但目前可能不会出现其他价格。

    消息人士称，Twitter在提交绝密的S-1上市登记表之际冻结了自己的股权结构，这和Facebook去年上市前的策略类似。此外，有人说Twitter现在甚至还没有开始处理现有持股人手中的股份（这家公司对于优先否决权总是很吝啬）。

    Felix Investment采取了迂回策略，它向客户提供的不是真正的Twitter股份，而是持有Twitter股票的特殊目的公司的有限合伙人权益。此外，这些股份很早就被买了下来，因此不受限制。也就是说，这种做法不会改变Twitter的股权结构，也无需征得Twitter的同意。

    Twitter在锁定股权结构前规定，2009-2011年入职的员工最多可以转让20%的股票期权。入职时间更早的员工可以转让20%以上的期权，但不包括仍然在Twitter工作的员工。2012年及以后入职的员工拿到的是受限股票单位（RSU），RSU在出现变现机会前无法转让（而首发上市看来就是这样一个机会）。

    Twitter发言人拒绝就冻结股权结构或股票交易限制问题发表评论。

    还有一点值得强调，那就是私募交易价格未必能体现出随后的首发价格水平，这很重要。比如说，团购网站Groupon在私募市场中的估值高达180亿美元（1108.8亿元人民币），但首发价值只有126.5亿美元（779.24亿元人民币）。Facebook首发前的交易价格也较高，商务社交网站Linkedin的私募价格却远低于它的最终首发价。(财富中文网)

    译者：Charlie

    A company's stock is only worth the price at which it trades. And for Twitter, that price right now would be $31 per share.

    Fortune has learned that broker-dealer Felix Investments today is offering its clients access to Twitter stock at that price, which would work out to a company valuation of approximately $15.5 billion.

    To be sure, it is only one price point. But there may not be any others right now.

    Sources say that Twitter froze its cap table around the time it submitted its confidential S-1 filing to the SEC, similar to Facebook's (FB) pre-IPO strategy last year. Moreover, word is that Twitter isn't even processing trades for existing holders right now (it's always been stingy with its rights of first refusal).

    Felix is getting around this by not offering clients actual shares in Twitter, but limited partnership interests in a special purpose vehicle that already holds Twitter stock. Moreover, the shares were purchased early enough that they are not subject to restrictions. Thus no change to the cap table, nor any need to get Twitter's permission.

    Before Twitter began buttoning everything down, the rule was that employees hired between 2009 and 2011 could sell up to 20% of their options grant. Earlier employees could sell more than 20%, but not if they remained with the company. Those hired since 2012 were given restricted stock units (RSUs), which cannot be sold until a liquidity event (which looks to be the IPO).

    A Twitter spokesperson declined to comment on the cap table freeze or trading restrictions.

    It also is important to stress that private trading prices are not necessarily guides for where a company will price its IPO. For example, Groupon's (GRPN) valuation climbed to $18 billion in private market trades, but only got $12.65 billion at IPO. Facebook also traded higher pre-IPO, while LinkedIn (LNKD) traded well below its eventual IPO price.