Twitter is secretly fundraising for a huge valuation ...
Why its founders quitting one after other ?
The company that compited with Big coperate companies like Google and facebook is now suffering...
The most recent departure was Biz  Stone, a cofounder who announced his plans to leave in late June. He  will join Twitter cofounder Evan Williams, who bailed out a few months  ago for a company called Obvious, the company that spun off Twitter. The  third cofounder, Jack Dorsey, works part time at Twitter while also  serving as CEO of a startup called Square.
  
Dorsey was Twitter’s first CEO. He  was replaced by Williams when Dorsey became chairman. Williams was  replaced as CEO by Dick Costolo, who was hired from Google. Dorsey came  back when Costolo took over, but then Williams left, though he remains  on the board of directors. Shockingly, after all this turnover, Twitter  still can’t get any traction as a business. Revenues may reach  $150 million this year and $250 million in 2012, according to eMarketer,  which tracks online ad spending. But that’s puny compared with this  year’s sales at Facebook ($4 billion), Groupon ($3 billion), and Zynga  ($1.8 billion). Add to that the FTC’s reported look into allegations  that Twitter has engaged in anticompetitive behavior with companies that  develop applications and services that run on top of its network.
Venture capitalists have pumped  $360 million into Twitter, and recently the company was reported to be  raising more money based on a stunning valuation of $7 billion, roughly  double its valuation from only seven months ago. Should anyone be  concerned that the cofounders can’t be bothered to stick around? A  spokeswoman provides a canned statement claiming the three founders  remain “deeply connected” to the company—Dorsey with his part-time role,  Williams with a board seat, and Stone doing some fuzzy stuff about  “social-good efforts.” The funny thing is that right now the market for  tech IPOs is heating up so much that Twitter, despite its woes, could  probably make a fortune by selling stock to the public. Twitter’s three  cofounders may have the best-paying part-time jobs of all time.







