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Estimated Value: $75 million

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Business: Social networking and micro-blogging site that lets users update friends on their current status.

Location: San Francisco, CA

More Info: About Twitter

CEO: Jack Dorsey

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Investors: Union Square Ventures, Charles River Ventures, Mark Andreessen, Dick Costolo, Ron Conway, Naval Ravikant.

Analysis: Go ahead, we know: Twitter has no revenue. Twitter has no business model. Twitter is a fad. Twitter is 15,000 people tuning in to hear what Jason Calacanis had for lunch. Twitter crashes every 20 minutes. Etc.

Yes, we know. And we also know that Twitter's use has exploded so fast that after only a year it has well over 1 million users and is poised to go mainstream. The company's brand is utterly dominant: other companies do what Twitter does, but they might as well stop. Twitter is the leader in...Twitter. The name is already synonymous with the product. This is a network business. Whatever Twitter becomes, the Twitter game is Twitter's to lose.

Yes, the company will eventually have to fix its technology and develop a business, and if it doesn't do the former soon it could wreck itself. But we think it will eventually rise to both those challenges.

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In the meantime, we ask ourselves...what would Yahoo, AOL, Skype, Google, or some other big player pay for the leading Twitter company. We also note the $60 million pre-money valuation that some outside investors are said to be paying in the latest $15 million financing round. And $75 million seems reasonable.

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