Social networking giant Twitter is set to close out a multi-million funding round, chief executive Dick Costolo said late last week.
TechCrunch has reported the series of funding includes Digital Sky Technologies and numerous other investors, with $US400 million being used for shares and $US400 million used to buy out employees and shareholders.
The report also claims that employees can only sell 20% of their shares before “a liquidity event”.
The news of further funding has dampened expectations of a Twitter IPO, which many analysts believe is not likely to happen before 2012 at the earliest.
ABOUT THE AUTHOR
Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
COMMENTS
SmartCompany is committed to hosting lively discussions. Help us keep the conversation useful, interesting and welcoming. We aim to publish comments quickly in the interest of promoting robust conversation, but we’re a small team and we deploy filters to protect against legal risk. Occasionally your comment may be held up while it is being reviewed, but we’re working as fast as we can to keep the conversation rolling.
The SmartCompany comment section is members-only content. Please subscribe to leave a comment.
The SmartCompany comment section is members-only content. Please login to leave a comment.