Twitter closing $US400 million funding round

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 […]

Patrick Stafford 11 September, 2011

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.