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Technology giants Google and Facebook consider buying Twitter for $10B
by Joseph Ernest February 10, 2011
Newscast Media --A report in the Wall Street Journal indicates that Information Technology giants Facebook and Google are considering a bid for micro-blogging site Twitter. Executives at the two companies and others have been engaged in low-level discussions with Twitter for months, exploring the possibility of absorbing the much-hyped company.
Twitter is a social networking site that allows users to send short, 140-character messages to each other. Founded in 2007, the company is adding new users at a pace of roughly 30 million a month, but it only allowed advertisers to market using the site in the middle of 2010.
Citing unnamed sources within the companies, the report said the valuations being considered for it are between $8 and $10 billion. That's based on assumptions that the San Francisco-based website with almost 200 million users raked in $45 million in revenue last year.
"Are these prices justifiable based on financial multiples? No," the report quoted venture capitalist Ethan Kurzweil as saying. But social networks have reams of data on their users and "the market is valuing that mightily right now."
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