CEO of Shots 'Not Focused on Selling'

By Social MediaFOXBusiness

After much speculation Tuesday that Twitter (NYSE:TWTR) was interested in buying a company, following a leaked Tweet from its CFO, one report suggested that Justin Bieber-backed Shots is Twitter’s desired acquisition target.   Regarding the rumors, CEO John Shahidi told FOX Business, “we are focused on building out the product and not focused on selling it.” Shahidi did not rule out the possibility that conversations had been held with Twitter, stating he would not comment further on “rumors and speculation.”   Shots is a photo-based social media app that launched last year and currently has over three million users. Backed by Justin Bieber, the service is especially popular with teens.   Boxer Floyd Mayweather and actor Omar Epps have also invested in the startup, which raised $2.7 million in a seed round last year. Other venture investors include Shervin Pishevar, Wi Harper, Maven Ventures and NALA investments.   Twitter said on its Analyst Day that it is looking to expand its app offerings. Regarding Shots acquisition rumors, a Twitter spokesperson responded to say, "we don't comment on rumor and speculation."

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