Twitter Joins the Billion-Dollar Club
ADOTAS — Even though it remains free of revenue, the latest funding round for Twitter has turned the Internet startup into a billion-dollar company.
A source told TechCrunch that the primary investor in the $50 million dollars the site raised is Insight Venture Partners, which was also an early investor in Photobucket before it was purchased by News Corp./MySpace in 2007. Another source suggested that Twitter may not cap the funding at $50 million in an effort to keep the cash mound rising.
Back in February, the company raised approximately $35 million in another funding round led by Benchmark Capital and Institutional Venture Partners. At the time, the Twitter was valued at $250 million.
However, Peter Kafka at All Things Digital notes that investors seem to think the company will be worth a bit more than $1 billion; a return on investment would require the company to breach the $3 billion barrier.
The fathers of Twitter have insisted on allowing the site to develop on its own and not be acquired by a larger player such as Google. In November 2008, Twitter turned down an offer from Facebook as executives thought the chatter-site had room to grow.
Reader Comments.
Don’t get greedy Twitter…
Take some dollars off the table.
The pet rock guys really thought they had a tiger by the tail too for a while.
The comparison is not intended to imply Twitter is a fad, I’m a big fan, but when oil is discovered on your property, it’s only paper profit until the wells go in and you start to sell.
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