Earlier this week, Twitter CEO Dick Costolo spoke at the Internet Advertising Bureau's Engage conference in London and revealed that microblogging site saw an increase from the previous high mark of 400 million daily tweets. Now, according to V3, Costolo revealed that Twitter "is now processing half a billion tweets a day."

In addition, Costolo talked about the possibility of phasing out the "Favorite" button in favor of a "Like" or "Star" feature.  

[via CNET]