New investment could value ‘business’ at $1 billion
Micro-blogging company Twitter has confirmed there are no immediate plans to host adverts on its web site, ahead of a cash injection expected today which should see it primed with $100 million in financing in a deal that values the service at $1 billion.
Reports in the US and UK financial press suggest new investors that include T Rowe Price and Insight Venture Partners would join existing backers Spark Capital and Institutional Venture Partners in the round.
Co-founder Biz Stone who was speaking at the organisation’s inaugural Twitter conference in Los Angeles this week said advertising was no longer a business priority.
Instead, the company will concentrate on scaling the business, and adding new services such as paid-for commercial accounts and additional features such as analytics, so that people using the service can better understand the intelligence it provides.