Twitter Value Soars to $7B

Micro-blogging site reportedly engaged in fresh financing round

Last Updated: July 5, 2011 @ 1:20 PM

Twitter’s value may have climbed as high as $7 billion, according to a report in the Wall Street Journal.

The micro-blogging site is engaged in a financing round, the Journal reports.

That means Twitter has nearly doubled in value in the seven months since it raised $200 million last winter. At the time, Twitter was valued at $3.7 billion.

A spokesperson for Twitter did not immediately respond to requests for comment. The Journal is citing people familiar with the matter.

The move comes at a time of transition for Twitter. Last week, co-founder and creative director Biz Stone stepped down to focus on relaunching Twitter’s former parent company Obvious.

It also takes place as Wall Street seems particularly enamored with the tech sector, with Zynga launching a $1 billion IPO and rumors abounding that Facebook is poised to take the public plunge as its valuation hovers at $70 billion.