Soundcloud’s fate has been in the balance lately, with the company registering massive losses that totaled $44 million. The company was on the brink of shutting down until a round of investment helped them get back from life support. Turns out one of the companies that helped the cause was actually one that wanted to buy the platform just a few years ago.
Twitter has blessed $70 million into the company, which is a significant part of the $100 million total they have received in the last round of investment, valuing the streaming platform at $700 million.
Jack Dorsey (Twitter CEO) had this to say about the move:
“Earlier this year we made an investment in SoundCloud through Twitter Ventures to help support some of our efforts with creators… They’ve been great partners of ours over the years and their community-supported approach mirrors ours in many ways.”
It’ll be interesting to see if all of this money thrown at Soundcloud helps the company stay afloat.
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