Evan Williams: Twitter has a “lot of money in bank”

Evan Williams: Twitter has a “lot of money in bank”

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.

The statement by Williams that Twitter had "a lot of money in the bank" comes amid media speculations that a large round of funding is apparently on the cards for Twitter - one of the most popular internet social networking services, presently having over 175million users.

Williams, however, stopped short of commenting about whether Twitter was in discussions with investment companies about funding.

It has only been in the recent times that San Francisco-based Twitter - which allows its users to broadcast messages, called `tweets, of 140 characters, to groups of "followers" - has started making efforts to generate revenue via special adverts appearing in some parts of its service.

Noting that there are "a million ways" in which Twitter can make money, Williams said that Twitter's newly-instituted revenue model of allowing businesses or people pay to "promote" tweets to attention-grabbing spots was "going great."

Though Williams refrained from disclosing any financial details, he did mention that Twitter's initial endeavors in the direction of generating advertising revenue had surpassed the company's expectations.

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