Twitter Is Magically Worth $7 Billion, SomehowS

An ongoing fundraising round values Twitter at nearly twice what it was worth in December, despite the company having failed to create a discernible business model in the interim, and despite admitting it needs new leadership. Welcome to the new tech economics.

Twitter is privately raising hundreds of millions of dollars, the Wall Street Journal reports, in a round that will value it "as high as" $7 billion, compared to $3.7 billion in December and $1 billion less than two years ago. Has Twitter finally figured out how to generate revenue? No, actually, its lucrative contract with Google just expired and Twitter will delay going public to "build an experienced executive team and create an advertising business." But other than revenue, a business model and good leadership, there's nothing separating Twitter from a legitimate multi-billion dollar business.

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