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Twitter invests $70 million in music streaming service SoundCloud: report

Twitter has invested $70 million in online music discovery service SoundCloud, according to a report on Re/Code. In May, it was reported that Twitter was looking to buy SoundCloud  but walked away from the deal. The publication added that the $70 million was part of a $100 million round of funding for SoundCloud and added that the company was valued at $700 million. Twitter CEO Jack Dorsey and SoundCloud confirmed to Re/Code that Twitter now has a stake in the company, but declined to give specifics. Twitter had been looking to break into the music streaming business for some time.  Twitter failed at creating a radio station based on what songs were trending and shut down its #Music app in April last year. One of the reasons why Twitter failed at this was because it tended to be very passive and it…

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