Stat of the day: $7bn

The latest valuation of micro-blogging site Twitter, after reports claim that it's seeking a new round of private financing.

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Last Updated: 09 Oct 2013
Despite a rash of technology companies filing for IPOs (the latest being FarmVille creator Zynga), Twitter has apparently decided to stick with private investors. According to the Wall Street Journal, the micro blogging site is currently in discussions to raise yet another round of private financing, which could value the company at a whopping $7bn (£4.4bn). 

That means the site’s value has doubled this year - seven months ago Twitter raised $200m in financing which valued it at $3.7bn. Apparently, Twitter’s holding off from going public while it develops its ad-based business in order to create more revenue. In all likelihood, that’s a wise decision: its business model still has a long way to go if it’s to match revenues attained by the likes of by Zynga and Groupon: Groupon’s revenue swelled to $644.7 million in the first quarter of this year alone. We doubt it’s founders’ elation over that would fit into 140 characters…

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