A recent auction of Twitter shares on the secondary market has now raised the value of the company to $7.7 billion, doubling the $3.7 billion valuation made in December of last year.
Investors have agreed to pay $34.50 a share for Twitter in the auction conducted by Sharespost, an exchange for private company shares that announced the news on Friday.
Based on the 223.7 million estimated fully diluted shares of Twitter listed by Sharespost on its website, the deal would suggest a valuation of roughly $7.7 billion.
The Twitter auction, which Sharespost said was oversubscribed, involved 35,000 shares of Twitter’s Series B preferred stock, Sharespost said.
Recently Twitter was valued at $4.5 billion after rumours of interest from J.P. Morgan’s Digital Growth Fund, although that story has since been discounted by Biz Stone. Still, this latest auction has completely surpassed that number and Twitter is now closing in rapidly on the $10 billion figure that was being touted about when Google and Facebook were also rumoured to be ‘interested’ last month.