Twitter confirms significant investment from Russian firm

TWITTER yesterday confirmed it has completed a “significant round of funding” led by Russian technology investor Digital Sky Technologies (DST).

The microblogging site said the new funds, in which several other investors were involved, would be used to “aggressively innovate, hire more great people and invest in international expansion”.

It is understood DST took a stake of around $400m (£246m), with another $400m being split between other investors, giving Twitter a valuation of up to $8bn.

T Rowe Price is thought to be one of the minority investors, taking a stake worth around $90m.

Analysts say the fundraising makes it unlikely Twitter will seek to IPO in the short term.

DST already has a stake of more than $1bn in Facebook. In February it invested $100m in Spotify, valuing it at $1bn.