Twitter valued in billions as popularity climbs

Dec 15, 2010
A fresh infusion of investment cash pushed Twitter's market value up to 3.7 billion dollars on Wednesday with the number of people using the microblogging service climbing to 175 million.

A fresh infusion of investment cash pushed Twitter's market value up to 3.7 billion dollars on Wednesday with the number of people using the microblogging service climbing to 175 million.

More than 25 billion "" were fired off during the past 12 months, with adding 100 million new accounts during that same time frame, the firm's chief executive Dick Costolo said in an online post.

Kleiner Perkins Caulfield Byers (KPCB) headed a new round of Twitter funding, which technology blog AllThingsDigital said tallied 200 million dollars.

The investment was reportedly based on Twitter, a private firm with 350 employees, being valued at 3.7 billion dollars.

"Growth is fun," Costolo said. "KPCB brings to Twitter a track record of helping build great companies, ranging from Amazon to Zynga."

Twitter this week added technology industry veterans Mike McCue and David Rosenblatt to its board of directors as it tightens its focus on turning its popularity into revenue.

Twitter co-founder Evan Williams stepped down in October as chief executive, ceding the helm to Google veteran Costolo, who was brought in last year to help the micro-blogging service make money.

Costolo, whose Web content distribution company Feedburner was purchased by Google in 2007, has been at the forefront of efforts to begin monetizing Twitter since he joined the company last year.

Twitter, which allows users to fire off messages of 140 characters or less known as "tweets," has enjoyed skyrocketing popularity since it was launched in 2006 by Williams, Jack Dorsey and Biz Stone.

McCue is chief executive of social magazine iPad application maker Flipboard while Rosenblatt's resume includes stints at Microsoft, , DoubleClick and Netscape.

"These additional resources and expertise will be extremely helpful as Twitter continues to grow as a company and business," Costolo said.

Explore further: LinkedIn membership hits 300 million

add to favorites email to friend print save as pdf

Related Stories

Twitter to raise $100 mln in new funding: WSJ

Sep 24, 2009

Twitter is close to raising up to 100 million dollars in new funding in a deal which values the hot micro-blogging service at one billion dollars, The Wall Street Journal reported Thursday.

Twitter to try money-making methods

Mar 27, 2009

Micro-blogging sensation Twitter plans to begin dabbling this year with ways to pump cash from the fast-growing free service.

Twitter links up with Apple's Ping

Nov 11, 2010

Unveiling Apple's new music-focused social network Ping in September, chief executive Steve Jobs described it as "sort of like Facebook and Twitter meet iTunes."

Google CEO joins Twitter

Dec 07, 2009

Google chief executive Eric Schmidt, who took some flak earlier this year for calling Twitter a "poor man's email system," has joined the hot micro-blogging service.

Recommended for you

LinkedIn membership hits 300 million

Apr 18, 2014

The career-focused social network LinkedIn announced Friday it has 300 million members, with more than half the total outside the United States.

Researchers uncover likely creator of Bitcoin

Apr 18, 2014

The primary author of the celebrated Bitcoin paper, and therefore probable creator of Bitcoin, is most likely Nick Szabo, a blogger and former George Washington University law professor, according to students ...

White House updating online privacy policy

Apr 18, 2014

A new Obama administration privacy policy out Friday explains how the government will gather the user data of online visitors to WhiteHouse.gov, mobile apps and social media sites. It also clarifies that ...

User comments : 0

More news stories

Ex-Apple chief plans mobile phone for India

Former Apple chief executive John Sculley, whose marketing skills helped bring the personal computer to desktops worldwide, says he plans to launch a mobile phone in India to exploit its still largely untapped ...

Airbnb rental site raises $450 mn

Online lodging listings website Airbnb inked a $450 million funding deal with investors led by TPG, a source close to the matter said Friday.

Health care site flagged in Heartbleed review

People with accounts on the enrollment website for President Barack Obama's signature health care law are being told to change their passwords following an administration-wide review of the government's vulnerability to the ...

A homemade solar lamp for developing countries

(Phys.org) —The solar lamp developed by the start-up LEDsafari is a more effective, safer, and less expensive form of illumination than the traditional oil lamp currently used by more than one billion people ...

NASA's space station Robonaut finally getting legs

Robonaut, the first out-of-this-world humanoid, is finally getting its space legs. For three years, Robonaut has had to manage from the waist up. This new pair of legs means the experimental robot—now stuck ...

Filipino tests negative for Middle East virus

A Filipino nurse who tested positive for the Middle East virus has been found free of infection in a subsequent examination after he returned home, Philippine health officials said Saturday.

Egypt archaeologists find ancient writer's tomb

Egypt's minister of antiquities says a team of Spanish archaeologists has discovered two tombs in the southern part of the country, one of them belonging to a writer and containing a trove of artifacts including reed pens ...