Today in Tech: Twitter CEO says company has 'truckload of money'

July 11, 2012: 12:59 PM ET

Why Facebook wants to be your online bank; the new power struggle in Silicon Valley. 

Twitter CEO says company has "a truckload of money" [LOS ANGELES TIMES]

"We are going to remain private as long as we want," he said. "I like being private for all sorts of reasons. It allows us to think about the business and the way we want to grow it in the small boardroom as opposed to being beholden to a particular way of growing the business, such as quarter to quarter."

Facebook wants to be your online bank [FORTUNE]

Facebook is quietly planning just such an offering with Australia's Commonwealth Bank. Currently in an internal beta, with the first version built in March, the application is expected to launch sometime this year to customers. It will allow Facebook users who are bank customers to make payments to third parties as well as Facebook friends through the social media channel, according to the bank. Commonwealth will secure transactions with its own authentication system -- similar to how payments are secured on its online and mobile banking site, a spokesperson says.

In Silicon Valley, founders fights for control [THE WALL STREET JOURNAL]

But Andreessen's approach is also exposing a rift in Silicon Valley, where a group of young and relatively untested entrepreneurs have maintained control over their rapidly growing companies. For now, venture investors are relatively content with the arrangement, as they've made immense sums along the way. The growing worry is that the setup leaves investors little recourse if a highly empowered CEO goes off track.

Amazon tests smartphone [THE WALL STREET JOURNAL]

In May, people familiar with the matter said Apple's next iPhone, which is expected to come out later this year, will likely have a screen larger than four inches, compared with the current iPhone's 3.5-inch display. Samsung's latest flagship smartphone, the Galaxy S III, has a 4.8-inch screen.

Ballmer: "Surface is just a design point" [ALLTHINGSD]

"Surface is just a design point," Ballmer said. "It will have a distinct place in what's a broad Windows ecosystem. And the importance of the thousands of partners that we have that design and produce Windows computers will not diminish. We have a mutual goal with our OEM partners to bring a diversity of solutions, Windows PCs, phones, tablets, servers to market. "

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About This Author
JP Mangalindan
JP Mangalindan
Writer, Fortune

JP Mangalindan is a San Francisco-based writer at Fortune, covering Silicon Valley. Since joining in 2010, he has written on a wide array of topics, from the turnaround of eBay to the evolution of net neutrality. A graduate of Fordham University, Mangalindan has also written for GQ, Popular Science, and Entertainment Weekly.

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