Investors pump Twitter full of cash
Twitter has concluded a successful round of lucrative funding with a group of investors led by Russia’s DST Global.
The deal reportedly weighs in at approximately $800 million, which raises Twitter to an impressive $8 billion valuation.
The corporation will apparently use some of the money to cash out investors and employees, hire more staff and improve the micro-blogging platform.
"We've come very far in a short time. Now we have an opportunity to expand Twitter's reach with a significant round of funding led by the venture firm DST Global, with the participation of several of our existing investors," Twitter confirmed in an official blog post.
"We will use these resources to aggressively innovate, hire more great people and invest in international expansion. Thank you for everything you've done to help get us here and for inspiring us to work even harder. We can't wait for you to see what we have planned to make Twitter even better."
Although Twitter is still working to refine its revenue model, investors are obviously impressed by the fact that the social networking site manages to generates over 200 million tweets per day.
Twitter also counts one million registered third-party apps designed to connect with the site and currently maintains a staff of 600+ employees.