Twitter: Could operate for years without making any new money

Twitter has indicated to Wired.com that a business plan and more investors just aren't something the company needs right now. In the interview, Todd Chaffee, General Partner at Institutional Venture Partners, or IVP stated, "We've got a ton of cash. We have far more cash than we need, so I'm not in any hurry." According to Chafee, even the funding his company most recently received, which totaled $35 million, wasn't even necessary.

Chaffee claims that the microblogging portal, which seems to be in the forefront of the social media venues these days, is worth $50 million on paper and the company, which utilizes no on site ads and charges no membership fees, can continue on into the future with no problem. The company operates behind the concept that "if you build it they will eventually pay" method, and claims the site is well on its way.

"You essentially have this company which has these assets that's turning into a very large media property," he told Wired. "When you have tens of millions or hundreds of millions of people actively engaged every day, you've got all sorts of monetization opportunities."

The company is adamant that at this point they do not need a business plan, and that the opportunity for advertisement is different and very much there on the site.

Twitter is also gaining popularity in the business world as many companies are turning to it to sell their products and services and even promote blogs, brands, and bands. However, the company is concerned that it's hard to tell what products and services are legitimate, and there is currently no method in place to determine whether or not users are who they claim to be.

Thus far Twitter has seen cases of accounts being created falsely for companies like Burger King, and even individuals such as the Dalai Lama. The individuals creating these accounts, once discovered, were allowed to maintain their Twitter accounts with the "unofficial" label attached.

The company believes Twitter will grow quickly and continuously. Investors believe the site has the potential to one day be the way individuals keep in contact, before they use e-mail or IM they'll simply Tweet.

Chaffee told Wired, "Part of where this thing may go, it may supersede other communication channels."

With major news venues and celebrities utilizing the site, it will most definitely gain in popularity. The question remains: How much? And how will they utilize the site to make a buck?