Competitor company X (formerly Twitter) Bluesky, founded by ex-Twitter CEO Jack Dorsey, was valued at $700 million as a result of a deal to raise funding from the investment fund Bain Capital Ventures. reports Business Insider, citing sources familiar with the deal.
Competitor X Bluesky was valued at $700 million
Author: Mihail Zelenin
The Bluesky social network was officially launched in February 2024 for the mass user and according to its own data has audience of 25.9 million people. A significant part of the social network’s audience came to Bluesky after Donald Trump’s victory in the US presidential election, as well as in connection with the purchase of social network X by Trump supporter entrepreneur Elon Musk, the publication notes.
Bluesky has already raised $8 million in funding in a 2023 seed round and $15 million in funding in 2024. The exact amount of the deal, which will take place this year, is still unknown, and its terms may still change, Business Insider emphasizes.
At the same time, additional funding may force Bluesky management to think about platform monetization models – the service still has no advertising, and the company itself statedthat it will not sell user data to advertisers for profit, since “there are other strategies for maintaining social networks.” In a 2023 press release, Bluesky claimed that one of its steps toward generating revenue was the company’s introduction of a custom unique domain purchasing feature.
“Over the past eight days, our user base has grown by one million every day, exceeding our expectations. We had to speed up the process of installing new servers (due to the influx of users),” told Business Insider Bluesky COO Rose Wang in November 2024. According to her, November last year, which coincided with the American elections, forced the social network team to work almost continuously in “fire” mode.
In terms of functionality and design, Bluesky is practically no different from X and Twitter. In the new social network, you can publish posts of no more than 256 characters, add images and share videos. Jack Dorsey announced BlueSky in 2023 as an application with a focus on decentralization and the use of blockchain technologies.
Cover photo: Jaque Silva/NurPhoto/
Source: rb.ru
