Biz Stone: Twitter is Not For Sale
3/7/2011 by: Darleen Hartley
Biz Stone, co-founder of Twitter attempted to quell rumors that Twitter has a For Sale sign on its door. He was speaking in Seoul, South Korea at the World Economy and Future Forum.
Rumors, apparently fueled by a Wall Street Journal article, have included the possibility of Twitter selling out to Facebook or Google, or getting an investment of $450 million from JP Morgan. The tech community is banking on the idea that Twitter will break the stagnation in IPO’s and go public.
Although Facebook recently got $1.5 billion round of financing led by Goldman Sachs, Stone seems to be happy with the investments and revenues Twitter already has. "We are not even discussing it internally. It's too far off," Stone emphasized.
Kleiner Perkins Caufield & Byers led a $200 million ingestion of cash recently which may be the cushion Stone is relying upon, as well as the company’s ability to create revenue. Twitter competes with other Internet giants for advertising dollars. That threat alone could stir thoughts in those other guys of attempting a takeover.
The success of Twitter even amazes its co-founder. "The very simple service we started building is being used in the corners of the world we had never anticipated," Stone said, while giving credit to the explosion of cell phones worldwide. Recent events have been "…another amazing eye-opening moment for us, making us realize that the open exchange of information really can have a positive global impact all around the world."
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