Addressing an industry gathering at Web 2.0 Summit in San Francisco this week, Evan Williams - the founder of the popular microblogging site Twitter - said that his company was not running low on cash.

In a candid talk during the closing hours of the Web 2.0 Summit in San Francisco on late Wednesday, Twitter co-founder Evan Williams said that the increasingly popular microblogging service has plans for a profitable future.

According to a Mashable report, Twitter co-founder Evan Williams said at an event moderated by BusinessWeek that the popular microblogging site will someday attract more than one billion members.

Dick Costolo, COO of the company will be replacing Evan Williams to become the CEO pointing out that Twitter is focused on monetization of the firm.

Evan Williams who is a co-founder of Twitter stated that he has plans to shift his focus entirely on development of products.

With Twitter co-founder Evan Williams stepping down as the CEO of the popular microblogging site and Chief Operating Officer Dick Costolo taking over, the company is clearly handing over the reins to a manager for whom revenue-generation is the key focus.

With the Tuesday-unveiled redesign of the Twitter.com site, the microblogging site has attempted to retain the distinctive feel of Twitter while bringing on a fresh look for the home page as well as adding an array of new features.

Evan Williams, Chief Executive of the popular microblogging website Twitter has shared officially announced that the firm will soon be launching its very own individual link shortener as well as a Google Android app.