Report: Twitter valued at $1 billion in new deal

Twitter is nearing a deal for as much as $100 million from a group of investors who say they believe the Internet short messaging giant is worth about $1 billion, The Wall Street Journal reported on its Web site.

A group of investors including mutual fund giant T. Rowe Price and several private equity firms and venture capital companies are expected to sign the deal with Twitter soon.

The money will give Twitter more time to figure out a business model. Twitter currently brings in no steady revenue and has only recently talked about working out advertising deals next year.

A spokesman for T. Rowe Price declined to comment on the deal.

Insight Venture Partners, a private equity firm, as well as Spark Capital and Institutional Venture Partners are other groups involved in the current Twitter deal, the Journal says.

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