this post was submitted on 09 Jan 2025
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🦋 Bluesky Social

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Bluesky is a federated social network built on ATProtocol.

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X competitor Bluesky is being valued at around $700 million in a new funding round after explosive growth in the wake of Trump's victory (www.businessinsider.com)
submitted 1 day ago by Emperor@feddit.uk to c/bluesky@lemmy.ml
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Bluesky is in the final stages of raising new funding led by Bain Capital Ventures, which would value the social media company at around $700 million, according to three sources familiar with the deal.

...

Bluesky officially launched less than a year ago with 3 million users and grew to 25.9 million users in 2024, the company said. Nearly half of those new users were added during the last month and a half of the year after Donald Trump won the US presidential election and some X users fled the platform owned by Trump supporter Elon Musk.

Bluesky last raised a $15 million Series A round in 2024 and an $8 million seed round in 2023. It's unclear how much capital Bluesky is raising in this new round, which is still being finalized, and terms could change.

...

The new funding could put pressure on Bluesky to figure out how to make money. The service still has no ads, and Bluesky said in 2023 that it doesn't want to rely on advertising to sustain its business.

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[–] davel@lemmy.ml 5 points 1 day ago (1 children)

On corporate social media, your attention and your data are the product. Soon enough Bluesky will be as 𝕏itty as 𝕏itter is now.