Twitter Receives Fresh Funding

Rumors first began circulating Thursday that the social network received $100 million, raising its total valuation up to $1 billion. The Wall Street Journal first reported that the three-and-a-half-year-old social network received the money, upping its valuation.

Evan Stone, co-founder of Twitter, today confirmed that his company had received a fresh round of money but stopped short of saying exactly how much has landed in their coffers.

"There's a lot of talk today about our financing. A few hours ago we closed a significant round of funding with a group of investment firms that we're excited to publicly thank: Insight Venture Partners, T. Rowe Price, Institutional Venture Partners, Spark Capital and Benchmark Capital," Stone wrote on the Twitter Blog.

Twitter, which allows users to send out 140 character tweets, may have secured a new round of funding, but the social network still is not making any money. For the time being, as long as venture capitalists continue to invest in the company, revenue isn't too pressing a concern.

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Instead, Stone wants to build a company with the right partners that ensures that once the opportunity to earn money presents itself, a good team is in place.

"It was important to us that we find investment partners who share our vision for building a company of enduring value. Twitter's journey has just begun and we are committed to building the best product, technology, and company possible. I'm proud of the team we've built so far and I'm confident in the future we'll build together," Stone wrote.

However, it is worth noting that Mark Zuckerberg recently revealed that Facebook is cash-flow positive for the first time. Furthermore, the social network this week took the wraps off a deal with online tracking company Nielsen to better track how display ads perform on Facebook.