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Twitter Raising Giant Funding Round: Report

NEW YORK ( TheStreet) -- Popular microblogging site Twitter is looking to raise new funding that would value the company at as much as $7 billion, according to The Wall Street Journal.

The new raise comes just seven months after Twitter was valued at $3.7 billion during a $200 million funding round, and underscores investor enthusiasm for social media firms.
Twitter co-founder Biz Stone helped lead the company to a reported $7 billion valuation.

Business-oriented networking site LinkedIn (LNKD - Get Report) and Russian search engine Yandex (YNDX) launched successful public offerings in May.

Daily deals company Groupon and social gaming site Zynga, meanwhile, also filed to go public within the last month.

But Twitter, one of the most prominent social media firms today, has so far chosen to stay private to build an experienced executive team.

Last week, Twitter co-founder Biz Stone announced that he was stepping down from day-to-day operations at the company, while co-founder Jack Dorsey is dividing his time between Twitter and mobile payments start-up Square. Twitter is now run by former Google (GOOG - Get Report) product manager Dick Costolo.

The site, which generates the majority of its revenue from advertising, could reach $150 million in sales this year, according to research firm eMarketer.

The company announced on Tuesday it had acquired social media analytics company BackType, which helps companies and brands gauge their influence across various social media Websites.

--Written by Olivia Oran in New York.

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