This is probably the most surprising thing you’ll read all day. Two years after social media giant Twitter, the third biggest social media site in the world, declined to purchase streaming service Soundcloud, they’ve seemingly turned around and pumped a healthy slew of liquidity into the struggling site.
This investment will make up the bulk of a fundraising session that’s expected to end up close to $100 million total at a valuation of $700 million, the same valuation they used in the 2014 deal which fell through, according to Recode.
Representatives from both firms confirmed the deal with Twitter CEO Jack Dorsey, stating: “earlier this year we made an investment in SoundCloud through Twitter Ventures to help support some of our efforts with creators. They’ve been great partners of ours over the years and their community-supported approach mirrors ours in many ways.”