Just 10 months after raising $2 billion in an IPO, Twitter (TWTR) sold $900 million worth of convertible bonds Thursday.

“It’s well done,” said Howard Lindzon, chairman and co-founder of StockTwits. The convertible bond sale could raise as much as $2 billion if buyers exercise options to buy more notes.

Right now, Twitter is paying just .25% interest on the five-year notes and 1% on the seven-year. The shares will convert to stock when Twitter shares reach a price of about $77.64.

“When you are in charge, you press the gas, and if you can raise that type of money, I would sure do it,” he added. Lindzon used to own shares of Twitter but no longer holds the stock.

The social media company’s shares are up roughly 17% since its IPO. The company is still not profitable and forecasts just $1.2B in revenue this year. The fact that such an unproven company can continue to raise capital and see its stock rise has led to continued discussion of a bubble in Silicon Valley.

“Things just seem to be self-correcting. Samsung [is] at two year lows,” said Lindzon. “So while it feels frothy, there’s so much self-correcting going on and there’s so much cash in Apple and Google’s hands... If we are going to get ourselves rocked it’s going to be something that’s not related to valuation,” he said, saying it’s more likely to be a net neutrality ruling or some other outside force.

As for Twitter in particular, the company’s valuation may come largely from its market dominance. “Twitter is the king. They don’t truly have competition other than in attention, so the only thing they can do is lose the attention that they have," he said.

Twitter had about 232 million active users prior to its IPO in November 2013. That’s roughly the size of the adult U.S. population.

The big question is: What will Twitter do with the cash it raised through this sale? The debt offering has set off a flurry of speculation about what and who Twitter might acquire with the money. Robert Peck of Suntrust Robinson Humphrey has speculated that Twitter could acquire Flipboard, though Lindzon isn’t entirely sure if that is the direction the company will go.

“The thing [Twitter CEO Dick Costello] is probably going to do is move into the verticals. They’re a news company,” said Lindzon. “[They may] build knowledge around the key verticals... For Twitter it could be sports, finance and news.”