Tuesday 14 June 2016 9:42 pm

Twitter has invested $70m in music streaming service SoundCloud

Tech giant Twitter invested $70m in music streaming service SoundCloud earlier this year it has been revealed.

The social media network bought the stake as part of a round that would value SoundCloud at about $700m, tech website Recode has reported. 

Twitter's newly returned CEO Jack Dorsey didn't reveal details of the deal but confirmed that the San Francisco-based company now owns a stake in SoundCloud.

“Earlier this year we made an investment in SoundCloud through Twitter Ventures to help support some of our efforts with creators," he said. "They've been great partners of ours over the years and their community-supported approach mirrors ours in many ways.”

Read more: Microsoft’s LinkedIn deal is right connection

The news comes just a day after Microsoft bought LinkedIn in a $26.2bn deal. The announcement of the acquisition sent Twitter's share soaring 9.6 per cent in the past two days amid speculation that the social media network is heading towards a takeover.

The embattled social network saw its shares drop to an all-time low of $13.90 in March. This is despite Dorsey trying to revive the tech firm that is yet to make a profit.