Twitter closing another massive $400M round

by Peter Bijkerk

Twitter MoneyMicroblogging social network Twitter is in the process of closing a new $400 million funding round, reports CNN Money.

The new funding is the second of two massive $400 million rounds that puts the startup’s valuation at an estimated $8 billion.

The first round, which we reported in late July, was a $400 million direct investment led by Yuri Milner and Russia’s DST (the same investment company that has backed Facebook, Groupon and Zynga). The second round, by contrast, is intended for existing Twitter shareholders who have the option of cashing out on their earlier investment.

Twitter has over 300 million registered users and over 100 million active users since launching in 2006. At least half of all active users log in daily to send 140-character (or less) quick messages, called Tweets. The site is averaging 230 million tweets per day, or over 5 billion tweets each month, according to a blog post published today on the company’s official blog.

Earlier today, Twitter held a press conference led by CEO Dick Costolo, who discussed the service’s revamped back-end, the changing behavior of users, and Twitter’s business plan and revenue streams. For complete coverage of the press conference, check out the recent report by VentureBeat reporter Jolie O’Dell.

Filed under: deals, social, VentureBeat

[From Twitter closing another massive $400M round]