They still don’t have a damned idea on what they are going to do with it, but they’ve got it.

From The Wired EPICENTER:

Apparently, Twitter doesn’t need a business plan. At least not for years to come.

“We’ve got a ton of cash. We have far more cash then we need, so I’m not in any hurry,” said Todd Chaffee, General Partner at Institutional Venture Partners, or IVP.

Chaffee, in an interview with Wired.com, says the microblogging service that is the darling of the social media set — and the object of a persistent drumbeat of questions about how and when it will actually earn any money — is well north of $50 million on the balance sheet. And that, he said, can last them for years.

In fact, Twitter did not even actively seek out the current, third round of $35 million in funding lead by Benchmark Capital and IVP, Chaffee said.

It’s hard to argue with the endorsement an unsolicited $35 million windfall implies, but it’s also difficult to ignore the parallels to an earlier era of tech investment enthusiasm, when eyeballs and market share were all that mattered and the thought of actually earning any operational revenue seemed oddly crude, inappropriate and unhip.

But Chaffee, who was also an earlier investor in Yahoo, is still brimming with optimism that the “if you build it they will eventually pay” approach will work.