In a surprising news announcement, Twitter is investing $70 million into Soundcloud today. Soundcloud has been a popular music sharing platform of choice with Twitter’s CEO Jack Dorsey, but this announcement has definitely come as a shock to many as Twitter declined to buy the service just over two years ago. What comes out of this investment has yet to be seen, but the power move of the month has been made. The round is expected to value SoundCloud at about $700 million — the same value that investors placed on the company in 2014, when it raised $60 million; since then it has also raised a debt round.
“Earlier this year we made an investment in SoundCloud through Twitter Ventures to help support some of our efforts with creators,” he said. “They’ve been great partners of ours over the years and their community-supported approach mirrors ours in many ways.”
For more on the announcement, read here.