Charles River Ventures passed on the recent $100 million round of funding in Twitter, after participating in the company’s earlier rounds.

According to VentureBeat, CRV says it sat out as a function of its strategy. It funds early stage startups, and that kind of deal would eat up too much of its $325 million fund. VentureBeat also notes CRV’s investment in Twitter would produce a 40X return based on the microblogging company’s valuation.

That valuation, of course, might mean a lot, and might not mean anything.

PEHub’s Dan Primack notes CRV’s absence from Twitter’s Series C and D rounds, and offers another possible reason the venture firm skipped the latest round: “CRV made a giant mistake and is now trying to justify it.”

For helpful, $1 billion context, you can turn to Twitter itself, to see the VentureBeat headline and link retweeted into oblivion.