Reports: JPMorgan fund seeking slice of Twitter

A new fund from JPMorgan Chase is in talks to acquire up to 10 percent of Twitter for $450 million, according to various reports on Monday.

The Wall Street Journal reported that talks are currently under way and value Twitter at more than $4 billion, four times its estimated value one year ago. The micro-blogging service was created in 2006 and currently has more than 350 employees.

According to the report, JPMorgan has raised $1.2 billion for the new fund, almost double the initial target of $500 million to $750 million. The fund could also be interested in acquiring a stake in online gaming firm Zynga, which makes the popular Farmville game for Facebook.

However, TechCrunch's Michael Arrington disputed reports from the Journal, Financial Times and The New York Times on Monday, claiming Twitter isn't currently negotiating with anyone.

Arrington claims JPMorgan has acquired more than $400 million from current Twitter shareholders at prices between $16 and $21 a share. He said the fund is currently the second-largest shareholder in Twitter, behind co-founder Evan Williams.