Finally, some Twitter news worthy of a (re)tweet.
Twitter is on the verge of a $100 million round of financing, according to a Wall Street Journal report. The Journal says that as many as seven investors, including T. Rowe Price and Insight Venture Partners, who put the value of the juggernaut microblogging service at more than $1 billion.
Last week, Techcrunch speculated that such a deal was in the works.
Since 2008, Twitter has raised about $55 million on a valuation of about $255 million, according to reports by CNET and the New York Times, and the Times says Twitter’s plan is to expand the number of users it has – currently about 50 million – in an effort to catch Facebook, which past the 300 million mark earlier this year.
All this despite its apparent lack of a concrete business plan, aversion to advertising and ability to show it can generate significant revenue. (The company has hinted it may charge companies who create corporate accounts.)
But the company has big plans to expand the service from its roughly 50 million current users and to ultimately catch up to Facebook — which recently reached 300 million members.
Until then, for those of Tweeting at home, Twitter just got $714,285.71 per character.
Or, as Rex Hammock (@r) put it, “a bazillion dollars at a valuation of a gazillion dollars.”
