Report: Twitter Worth $4 Billion

5:22 PM PST 12/1/2010 by Kimberly Nordyke

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The social media site, which launched just over four years ago, is said to be raising a huge new round of financing.

Twitter is in the process of raising a huge new round of financing that would value the company at a whopping $4 billion, according to TechCrunch.

Venture capital firm Kleiner Perkins is said to have submitted the most lucrative investment offer in the reportedly "intense" bidding, topping an offer from Russian firm DST that would have valued Twitter at about $3 billion.

The figure marks a huge leap from the social-media site's last valuation in early 2009. At that time, Twitter raised $35 million at a reported $250 million valuation.

It also demonstrates astronomical growth for a company that was founded less than five years ago and doesn't have a proven business model or, presumably, any profits to speak of.

The valuation would make it worth four times that of such entertainment-based companies as Lionsgate, TiVo and World Wrestling Entertainment.

The news comes two months after Evan Williams' decision to step down from his CEO post to focus on product strategy. COO Dick Costolo, a former Google executive, took over the CEO reins of the company.