Twitter Pops the Cork on Its New Venture
San Francisco-based social networking site previews its new wine label in San Francisco
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Twitter might be the one company that can open a new business intending not to make any money.
The San Francisco-based microblogging site might be valued at more than $1 billion but Monday night it showed off its new venture, which is worth nothing, monetarily speaking, to the company.
Earlier this month the social networking site announced it was going into the wine business and donating all the proceeds to San Francisco-based charity Room to Read. Monday, Twitter will press its first batch of its own label with Crushpad, a San Francisco-based custom wine making facility. The unveiling party comes as fellow tech company Amazon jumps out of the wine making business.
Company reps pressed their own grapes, which is a process that drains all of "the free run juice out of the fermentation vessel and into barrels."
The social networking site without a revenue model will donate $5 from every $20 bottle to charity. Maybe Twitter could use its wine structure as a revenue model.
Posted Tuesday, Oct 27, 2009 - 8:48 AM PST
