Twitter Co-founder Keeps Matters Private

By Cindy Waxer March 03, 2011

Rumors that Twitter might be gobbled up by a competitor are being met with stone-cold denial: Biz Stone, to be precise. The Twitter, Inc., co-founder said his company wants to remain independent, according to a recent Associated Press report.

The article quoted Stone as saying: "I believe there is a lot of room for another Internet giant to succeed. So our goal with Twitter is, has been, and will continue to be to remain an independent company no matter what rumors are swirling."

The comments were made at a conference in Seoul, South Korea in response to questions about media speculation that Google or Facebook may be aiming to purchase the wildly popular social networking site.

"There's always another rumor that somebody's trying to acquire us," Stone added. "But our goal is to have a positive impact on the world, build a wonderful business on top of that and have a blast doing it. That's always been our goal. That's what we want to do."

Recently, TechZone360.com cited a Reuters report that JPMorgan Chase & Co., has developed a new technology fund that is currently in talks to buy a substantial stake in Internet messaging. As a result, it has its sights set on Twitter.

JPMorgan’s Digital Growth fund is hoping to acquire as much as 10 percent of Twitter for $450 million, as reported by TechZone360. The company is valued at $4.5 billion.

In a regulatory filing on Friday, JPMorgan said that it had raised $1.22 billion for the Digital Growth fund. Reportedly, the fund eventually plans to raise a total of $1.3 billion from a maximum of 480 investors.

A third of the fund is likely to be invested in another private Internet company such as online gaming company Zynga or telephony company Skype. The final third is expected to be invested in six other companies, which could include coupon site LivingSocial or online retailer Gilt.

According to the Financial Times, JPMorgan anticipates more than $13 million in commissions from the fund. This latest fund by JPMorgan comes on the heels of the $1.5 billion fund-raising round by Facebook, mainly from Goldman Sachs and its clients.




Edited by Tammy Wolf

TechZone360 Contributing Editor

SHARE THIS ARTICLE
Related Articles

Three Reasons Passwords Are Here to Stay

By: TMCnet Special Guest    7/28/2015

Siber Systems explains why someday passwords will be a thing of the past, but not any time soon.

Read More

Wheelings & Dealings: Visa Joins Amex with Giant Investment in Payment Startup Stripe

By: Laura Stotler    7/28/2015

Payment startup company Stripe has scored a whopping round of funding, with Visa taking a major interest in the company's technology. The funding amou…

Read More

Google Removing Google Plus Requirements

By: Andrew Bindelglass    7/28/2015

When Google first revealed its answer to social media giants Facebook and Twitter in 2011, it was met largely with a fizzle. With membership in Google…

Read More

US Seventh Circuit Court of Appeals Validates Class Action Suit Over Data Breach

By: Peter Bernstein    7/27/2015

Since what follows is about legal matters, let me start with the disclosure that I am not a lawyer, have no legal training and this is not an attempt …

Read More

The Do's and Don'ts of Viral Content Promotion

By: Drew Hendricks    7/27/2015

Viral content promotion is the word we use to describe content that just simply takes off on its own. It creates a brand out of nothing and can quickl…

Read More