Acquires Vine

Twitter acquires Vine, a service that allows users to upload video clips up to six seconds long, before its official launch. The company spends $30,000,000 on the site. The three developers of Vine, Dom Hofmann, Rus Yusupov, and Colin Kroll, are all able to keep their positions at the company. Hofmann says:

Our companies share similar values and goals; like Twitter, we want to make it easier for people to come together to share and discover what’s happening in the world. We also believe constraint inspires creativity, whether it’s through a 140-character Tweet or a six-second video.