Thank you for your response. I don't plan on using this for twitter. To track how successful certain articles & press releases are I use Google's UTM link tracking. At times these URLs get quite long and my client asked about using Bit.ly URL shortener. I just wasn't sure if they acted as 301's or not.
Have you done this in the past and found that you still got credit for the links? or have you only used it with social media that are normally no follow's anyway?