SAN FRANCISCO (Reuters) - Twitter is closing a round of funding which will value the company known for its 140-character stream-of-conscious blogs at $1 billion, technology news site TechCrunch reported on Wednesday.
The company will raise around $50 million, and Chief Executive Evan Williams told employees about the funding round, TechCrunch said, citing multiple unnamed sources.
Twitter and other social networking sites have been hard-pressed to show that they are viable businesses, despite wild popularity, and that they have what it takes to eventually make a successful public offering or private sale.
The Twitter funding news would raise the industry's credibility with investors, as did a Tuesday announcement from Facebook that it was making enough money to cover expenses.
Twitter's Tweets are 140-character dispatches, and the service has become a phenomenon among news junkies, Hollywood watchers -- and many investors.
Twitter did not immediately respond to a call seeking comment.
(Reporting by Alexei Oreskovic and Peter Henderson; Editing Bernard Orr)
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