Micro-blogging website Twitter has invested $70 million in popular music streaming service SoundCloud, a move that may push Twitter's stalled growth and engagement with its over 300 million users, reported ETtech.

"We can confirm that Twitter has made an investment in SoundCloud. Both companies facilitate and inspire contemporary culture to happen in real time while reaching millions of people around the world," a SoundCloud spokesperson was quoted as saying.

"This investment will enable SoundCloud to remain focused on building value for creators and listeners alike, and to continue the global rollout of many company initiatives such as our recently launched subscription service, SoundCloud Go," the spokesperson added.

According to Twitter CEO Jack Dorsey, the company now owns a stake in SoundCloud.

"Earlier this year, we made an investment in SoundCloud through Twitter Ventures to help support some of our efforts with creators. They've been great partners of ours over the years and their community-supported approach mirrors ours in many ways," he was quoted as saying.

The 10-year-old Twitter is going through bad times as user growth has slowed down and many top-notch executives have quit the company in the recent past.  Twitter is going through a major overhaul under Dorsey.

According to media reports, Microsoft-LinkedIn acquisition in the enterprise social media space has rekindled hope for Twitter which is affected by stalled user growth. Google is rumoured to be ahead in the race to acquire Twitter. Another key global media player Comcast may also join the race.