[dennismoulton]

So with a 1B valuation from this round - http://www.techcrunch.com/2009/09/16/twitter-closing-new-ven... we are looking at a $22+ price tag per user. This may be on the low end however as with 45 million users it is assuming that all accounts are active. I don't think that the media love affair with the company is driving all of this. If say half of the accounts are active (daily) and 10% of those are using search (weekly) then they have enough to throw an ad layer and cpa may do o.k. as part of this. If the large part of this activity is taking place via third-party then the ad layer has to be exposed in the API. Anyhow if 1.17B search queries take place annually (maybe this is low end if you include partners) and you have 5% paid click-through on that (assuming all queries trigger the ad layer) you are looking at 58.5M paid actions annually.