The companies discussed a potential valuation of roughly $4
billion for Clubhouse, the people said, asking not to be identified because the
matter is private. Discussions are no longer ongoing, and it’s unclear why they
stalled, the people added.
A Twitter spokesman declined to comment. A Clubhouse
representative didn’t immediately respond to a request for comment.
Bloomberg News reported earlier this week that Clubhouse is
in talks to raise funding from investors in a round valuing the business at
about $4 billion. After the talks with Twitter failed to proceed, Clubhouse
began to explore whether it made sense to raise financing at that valuation
instead. The app lets users host their own online radio shows. Listeners can
tune in to hear interviews or panel discussions and ask to participate in live
chats.
Clubhouse is barely a year old but has drawn appearances
from some of the biggest names in business and Hollywood. Established social
media companies have quickly gone to work on their own versions of Clubhouse,
including Twitter. Facebook Inc. is exploring one, too, and Microsoft Corp.’s
LinkedIn and Slack Technologies Inc. have also said they’re working on similar
features for their networks.
Twitter shares were up about 3% on Wednesday, giving the San
Francisco-based company a market value of $55.1 billion.
Twitter’s Clubhouse competitor, called Spaces, launched in
late 2020, though it’s still in beta form and not all users can create or host
public discussions. Chief Executive Officer Jack Dorsey is bullish on the
potential for audio as a new way for people to interact on Twitter, and the
company has long bet on live content through partnership deals and
acquisitions. At a press event on Wednesday, Twitter head of revenue product
Bruce Falck said the company is considering ways to monetize Spaces, but those
discussions are still in the very early stages.
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