Twitter rival Mastodon turned down funding to preserve nonprofit status

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Twitter rival Mastodon turned down more than five investment offers from Silicon Valley venture capital firms in recent months, as its founder has pledged to keep the fast-growing social media platform non-profit.

Mastodon, an open source microblogging platform founded in 2016 by German software developer Eugen Rochko, has seen an increase in users since Elon Musk purchased Twitter for $44 billion in October amid concerns about the billionaire’s management of the social media platform. Following the product’s rapid growth, Rochko told the Financial Times that he had received offers from more than five US-based investors to invest “hundreds of thousands of dollars” in it.

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Twitter rival Mastodon turned down funding to preserve nonprofit status

Twitter rival Mastodon turned down more than five investment offers from Silicon Valley venture capital firms in recent months, as its founder has pledged to keep the fast-growing social media platform non-profit.

Mastodon, an open source microblogging platform founded in 2016 by German software developer Eugen Rochko, has seen an increase in users since Elon Musk purchased Twitter for $44 billion in October amid concerns about the billionaire’s management of the social media platform. Following the product’s rapid growth, Rochko told the Financial Times that he had received offers from more than five US-based investors to invest “hundreds of thousands of dollars” in it.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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