Lionsgate is developing a new TV series about how the hit social networking website Twitter was created. The project is based on Nick Bilson's book Hatching Twitter: A True Story Of Money, Power, Friendship, And Betrayal, which was published in November.

Here's what Lionsgate's Kevin Beggs had to say in a statement.

"Twitter has transformed almost every aspect of our lives from politics to business to friendship, and I can't think of a more compelling story to adapt for television right now. Nick's book has all the elements of a great drama with its complex characters, high-stakes power struggles and betrayed friendships."

Allison Shearmur is serving as executive producer alongside author Nick Bilson, who is attached to write the pilot script. The book follows the social networking website's four co-founders, Christopher "Biz" Stone, Evan "Ev" Williams, Jack Dorsey and Noah Glass, who all worked at a struggling podcast start-up called Odeo. In 2007, while Odeo was on its last legs, they started working on a side project that evolved into Twitter, a global phenomenon which has nearly 300 million users worldwide. As the company grew, the four founders began fighting over money and power, which lead to all of them losing their grip on the revolutionary company they created. Twitter's current CEO is former comedian Dick Costolo.

Here's what Allison Shearmur had to say about the show's inevitable comparisons to The Social Network, which charted the origins of Facebook.

"The Social Network was a perfect film, and this series will be different, providing a longer view of the work life changes, gamesmanship and personal sacrifices made by a group of individuals who are building a company that will change the way that people communicate."

No production schedule was given for the series, which doesn't have a network home at this time.

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