Twitter Valued at $7 Billion in New Financing
NEW YORK - While other hot Internet companies have gone public, Twitter is privately raising hundreds of millions of dollars in a new financing round that values the company at as much as $7 billion, the Wall Street Journal reported Tuesday.
It said it was unclear which investors are part of the move to raise capital. A Twitter spokesman declined to comment, the paper said.
The news comes just seven months after San Francisco-based Twitter raised $200 million from venture firm Kleiner Perkins Caufield & Byers and others. Back then, the company was valued at $3.7 billion, according to the Journal.
Social gaming giant Zynga Inc. last week filed for a $1 billion IPO that is expected to value the company at up to $20 billion. (link)
However, Twitter is in no rush to go public, the Journal said. Instead, the company is focused on building an experienced management team and its budding advertising business.