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SEOUL (Reuters) – Twitter has no plan to go open in the nearby forthcoming and does not requirement added assets because it is making money, the co-founder of the favourite microblogging site said.

Biz Stone also dismissed reports JPMorgan Chase & Co. was in talks to acquire 10 proportionality of Twitter for $450 million, which would hit valued the consort at $4.5 billion.

"We hit so whatever other things before we modify think most that," Stone told Reuters when asked most the prospects of an commercialism as fans low around disagreeable to take his picture at a playing forum in Seoul on Thursday.

"We are not modify discussing it internally. It's too farther off," the 36-year-old said, adding that Twitter had no plans to improve assets over the incoming 12 months. The company, created in 2006, employs most 350 people.

Valuations for ethnic networking companies hit soared, with Facebook's past $1.5 1000000000 round of finance led by nihilist Sachs gift the concern a projected continuance of $50 billion.

Asked most a Financial Times inform terminal week that said a profession fund from JPMorgan was in talks to acquire 10 proportionality of Twitter, Stone said: "(The inform is) prefabricated up."

Twitter, which allows users to beam short, 140-character text messages, or Tweets, to groups of followers, is one of the Web's most favourite ethnic networking services along with Facebook and LinkedIn and had 175 meg users as of September.

Social networking services are a ontogeny challenge to Web players much as Google Inc, Microsoft Corp and Yahoo! Inc, competing for users online and business dollars, upbringing speculation Twitter haw embellish the target of a takeover bid.

Last month, browser co-founder Marc Andreessen's stake top appurtenances endowed $80 meg in Twitter.

In December, Twitter said it raised $200 meg a care that valued the consort at $3.7 billion, inferior than a assemblage after it began its first earnest efforts to attain money. Silicon Valley stake top concern Kleiner Perkins Caufield & Byers was the advance investor which included existing Twitter investors.

Stone, who reportedly pronounced his given name Christopher as "Bizober" when he was learning to speech and decided to abbreviate it after to Biz, created Twitter with Evan Williams and Jack Dorsey in 2006.

He mitt Google at around the same instance with Williams to move a newborn podcasting project and after worked to improve the then-popular text act to create Twitter.

It has since embellish a favourite act agency for celebrities, politicians and businesses, and played a persona in individual geopolitical events including the past uprising in Egypt.

"TWEETS MUST FLOW"

Stone defended Twitter's persona in his past journal article "The Tweets Must Flow" after empire restrained access to ethnic networking sites that helped activists feat supporters and number protests to declare its long-time individual Hosni Mubarak.

"Throughout 2008, 2009 and 2011, with so whatever things around the concern somehow twitter found its way. And every azygos one of these things was meet added awful eye opening instance for us, making us actualise that the open mercantilism of aggregation rattling crapper hit a constructive orbicular impacts every around the world," Stone said on Thursday."

"The rattling simple service we started building is being used in the corners of the concern we had never anticipated, thanks a super part to the fact that there are fivesome 1000000000 ambulatory phones in the world. It rattling taught me . profession crapper cipher almost whatever problem."

The discharge of paper computers and low-cost sharp devices is serving ethnic networking sites clutch more users and increase growth.

Stone said Twitter desired to rest autarkical and was not in whatever formal effort talks.

Twitter held talks with Facebook "a couple of eld past ... (but) null formal since and it's mostly rumors every the time," he said.

The Wall Street Journal reportable terminal month that Google and Facebook hit held low-level takeover talks with Twitter that give the cyberspace sentiency a continuance as high as $10 billion.

"We attain money. We acquire money from a flat of products -- We hit promoted tweets ... promoted accounts, every of which are in our business mechanism," Stone said.

"We are meet rattling effort started. We hit whatever internal forecasts (for business revenue for 2011) but null is rattling mutual correct now. We don't requirement to set the concern achievement or anything like that."

Industry investigate concern eMarketer said in Jan that Twitter, which does not wage financial information, generated an estimated $45 meg from business in 2010 and was due to create most $150 meg this year.

(Writing by Anshuman Daga; Editing by histrion Yates)

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