Twitter says no IPO or funding talks

09:28, March 04, 2011      

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Twitter has no plans to go public in the near future and does not need additional funds because it is making money, the co-founder of the popular microblogging site said.

Biz Stone also dismissed reports that JPMorgan Chase & Co. was in talks to buy 10 percent of Twitter for $450 million, which would have valued the company at $4.5 billion.

"We have so many other things before we even think about that,"Stone told Reuters when he was asked about the prospects of an IPO, as fans crushed around trying to take his photo at a business forum in Seoul Thursday.

"We are not even discussing it internally. It's too far off,"he said, adding that Twitter had no plans to raise funds over the next 12 months.

Valuations for social networking companies have soared, with Facebook's recent $1.5 billion round of financing led by Goldman Sachs, giving the firm a projected value of $50 billion.

Asked about a Financial Times report last week that said a technology fund from JPMorgan was in talks to buy 10 percent of Twitter, Stone said: "(The report is) made up."

Twitter, which allows users to send short, 140-character text messages, or tweets, to groups of followers, is one of the Web's most popular social networking services, along with Facebook and LinkedIn, and had 175 million users as of September.

Source: Global Times/Agencies
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