Twitts

Fast growing startup Twitter will soon be joining a select group of startups with private venture round valuations of $1 billion, technology news site TechCrunch reported on Wednesday.

CEO Evan Williams disclosed the round to employees at a recent all hands meeting.

The company will raise around $50 million, we’ve heard, although the final amount of the raise is apparently not yet locked down.

Twitter raised $35+ million earlier this year in a round led by Benchmark Capital and Institutional Venture Partners. That round valued the company at $250 million.

The company has raised a total of around $55 million to date, and sources tell us they have approximately $30 million left in the bank.

Twitter Inc. changed its terms of service today to clarify that advertising on your Twitter page is OK and that users, not the company, own their tweets.

For months, ad services have flourished in certain circles of the social network. Twitter’s legal provisions reinforce those companies’ legitimacy.

Twitter also inserted sections to the user agreement addressing standards for third-party developers and intolerance for spammers, wrote co-founder Biz Stone on the company blog.

When Twitter announced the changes earlier today, I was having lunch in Hollywood with Ben Huh, chief executive of Pet Holdings Inc., the parent company of Fail Blog and popular kitty site I Can Has Cheezburger. Quite aptly, we were eating cheeseburgers at In-N-Out.

Huh and I joked about how Facebook had gone out of its way in February to say it owned all of the content you upload to your profile — and had to backtrack — compared with Twitter going out of its way to assert the opposite.

For the record, Huh prefers Twitter to Facebook but acknowledges that they both have their place — the latter being good for interactions with real-world friends. Oh, and actress Alyssa Milano agrees.

Facebook can simplify its interface and photocopy Twitter all it wants (cough, Facebook Lite). But it won’t convince the world to entrust Facebook with every bit of its personal content as long as the company keeps making blunders like the terms change, followed by the joke of a democratic legal page and the infamous Beacon.

– Mark Milian

Follow my commentary on technology and social media on Twitter @mmilian.

Original photo by ChrisL_AK via Flickr