Twitter Loses Two of its Earliest Investors
Twitter, one of the giants in the social networking scene, has lost two of its earliest investors as first reported by AllThingsD.com last Friday. Bijan Sabet of Spark Capital and Fred Wilson of Union Square Ventures are no longer on Twitter's board of directors, without any definitive reasons cited for their departure. According to "a source" familiar with the matter", Twitter does not have any immediate plans to replace Sabet and Wilson as yet.
"Bijan Sabet and Fred Wilson both played important and greatly appreciated roles in our success. Both saw what Twitter could become before most anyone else," said Twitter spokesman, Sean Garrett, in an emailed statement to AllThingsD. "We look forward to their continued input as both investors in the company and passionate users of the product." Sabet and Wilson have sold some of their Twitter holdings through secondary market sales channels. However, those familiar with Spark Capital and Union Square Ventures claim that both investors will continue to hold a majority of their stakes in Twitter, currently valued at US$8.4 billion.