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Twitter Inc. held acquisition talks with audio-based social app Clubhouse in a deal that would have valued the company at $4 billion, Bloomberg reported today.
The talks are described as having taken place in recent months but are no longer ongoing. Why the talks didn’t progress further is unknown.
Founded in March 2020, Clubhouse is an audio-based social app that allows users to join group chats spontaneously. On its Apple App Store page, it describes itself as a “space for casual, drop-in audio conversations with friends and other interesting people around the world.”
That Twitter took an interest in acquiring Clubhouse, formally named Alpha Exploration Co., is not without a sense of deja vu: Clubhouse’s rapid growth and general buzz is very similar to the early days of Twitter and its initial rapid rise.
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Clubhouse is reportedly in talks to raise funding in a round that values the audio app at $4 billion just a year after it launched.
On Tuesday, founders Paul Davison and Rohan Seth spoke with NPR host Guy Raz on Clubhouse about how they built the app.
Scroll down for 9 key takeaways from their conversation.
1. At one year old, Clubhouse has a user base bigger than the population of Pennsylvania.
Clubhouse has crossed 15 million first-time app installs worldwide, including 3.7 million installs in the US, according to the app analytics company SensorTower. If it was a state, Clubhouse would be the fifth largest state by population size, following California, Texas, Florida, and New York.
Twitter To Have Held Acquisition Talks With Clubhouse: Reports
WASHINGTON (dpa-AFX) - Twitter Inc. (TWTR) reportedly held talks to buy audio-based social network Clubhouse.
According to Bloomberg, citing people familiar with the matter, Twitter discussed a potential valuation of about $4 billion for Clubhouse. However, the report says that the companies have stalled the discussions.
Bloomberg earlier this week reported that Clubhouse is in talks to raise funding from investors in a round valuing the business at about $4 billion.
Clubhouse is an invitation-only audio-chat iPhone app launched in April 2020 by Paul Davison and Rohan Seth of Alpha Exploration Co. The app allows users to host their own online radio shows. Listeners can tune in to hear interviews or panel discussions and ask to participate in live chats. As of December 2020, the app had 600,000 registered users and remained accessible only by invitation.
Draperstown man invests in Estonian company
Henry Joseph-Grant has joined the company as an investor and adivsor.
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A County Derry entrepreneur has linked up with an online marketplace company based in Tallinn, Estonia.
Henry Joseph-Grant has joined Gigimot, which connects customers with on-demand service providers, as an investor and advisor.
The Draperstown native is already an award-winning entrepreneur, and has been named in the Top 25 UK entrepreneurs by Smith and Williamson.
He is CEO and co-founder of Belfast-based stealth start-up Alpha Exploration Co, and was part of the team that built Just Eat from start-up to $2.44bn initial public offering (IPO).
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