Twitter Has A New Venture Capital Arm And No One Is Talking About It
Twitter Inc (NYSE: TWTR)'s venture capital arm invested in Cyanogen, a six-year-old company that competes against Google Inc (NASDAQ: GOOG) (NASDAQ: GOOGL)'s Android operating system, The Wall Street Journal reported on Tuesday.
Twitter's venture capital arm is led by Mike Gupta, the company's ex-finance chief turned head of strategic investments. Gupta's new title was communicated to the investment community and signaled it would make its own bets on startups, but the company has remained quiet on its activities.
WSJ added that it is unsure how much capital Twitter has committed thus far, who else is on the team or what types of companies it will invest in although a website under the name twitterventures.com says its website is coming soon.
Shares of Twitter closed up more than 6 percent Tuesday at $51.47; shares were up about 0.66 percent in Wednesday's premarket.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.