TBO.com - TBO is Tampa Bay Online

Something to tweet about: Twitter valued at $1 billion

ADVERTISEMENT

The Tampa Tribune

Published: September 26, 2009

SAN FRANCISCO - Twitter Inc.'s lack of revenue isn't discouraging investors.

In the latest indication of the fervor surrounding its popular messaging service, Twitter has raised $100 million in a deal that values the 3-year-old company at $1 billion.

Twitter didn't spell out the terms of the investment, saying in a blog posting Friday only that the amount is significant.

A person with knowledge of the negotiations confirmed the amounts to The Associated Press on condition of anonymity because the parties had agreed not to announce the specifics.

The latest stakes were sold to three of Twitter's existing investors - Benchmark Capital, Institutional Venture Partners and Spark Capital - and two new shareholders, Insight Venture Partners and T. Rowe Price.

With so much money in the bank, Twitter's founders appear determined to raise their billion-dollar baby on their own instead of selling to a corporate parent. Twitter turned down a $500 million buyout offer from Facebook Inc. in 2008, and both Google Inc. and Microsoft Corp. were rumored to be inquiring about a possible acquisition this year.

The Associated Press

Share this:

Loading Comments...

Email Print

ADVERTISEMENT