The top shelf venture capital firm Kleiner Perkins is preparing to value Twitter at $4 billion, TechCrunch hears from its sources. So the microblogging startup supposedly increased its value sixteen-fold in less than two years. Whatever.

Since raising $35 million at a reported $250 million valuation in February 2009, Twitter has shown no lasting track record of profitability or even revenue growth. In fact, just two months ago CEO Ev Williams finally "stepped aside" (read: was likely pushed) because he couldn't generate an actual business plan. Of course, in Silicon Valley investors' imaginations, the sky's the limit, especially considering that Twitter has registered several hundred million accounts. That's a nice figure to plug into spreadsheet calculations of imaginary future earnings.

Meanwhile, Williams' successor Dick Costolo is asking Twitter's users to "define Twitter's purpose." Maybe they should get the $4 billion. [Photo of Costolo via Getty Images]


Twitter's journey to $1 billion