Jason is right to tell people to ignore today’s Wall Street Journal article suggesting Twitter’s lack of revenue is a sign of weakness. Almost to the contrary Twitter is correctly building a loyal following of Twitter “Friends and Followers”, many of whom would not participate if the commercial elements were too overwhelming. Google did this masterfully with search with a lean, user friendly interface. After people became loyal and even addicted to Google search they turned on the revenue spigots and Google became the key online player within just a few years.

Calacanis is noting how simply “turning on” various possible advertising features at Twitter would instantly lead to millions in revenue – he said “hundreds of millions” but one should be skeptical of that level of optimism given the challenges Facebook has had despite their huge level of traffic and participation.

Calacanis is so optimistic about Twitter he’s convinced it will be worth more than Facebook eventually, and feels that it’s now worth about a billion based on the implied valuations of the venture capital.