Twitter Rejects Facebook — For Now
ADOTAS — Twitter has said “no” to Facebook in probably more than 140 words.
While rumors of Facebook acquiring the company, which is completely dependent on investors for revenue, were initially dismissed, serious talks ended only three weeks ago with Facebook offering $500 million in stock, according to the Wall Street Journal.
The sale broke down, apparently, over whether the offering was worth what Facebook believed as well as integration costs, including Twitters’ cost for cell phone status updates.
Twitter investors and executives still believe, despite the economic implosion, that the company can generate revenue and continue to grow.
“It’s more about timing,” one person familiar with Twitter’s motivations told the Journal. “There is a strong feeling that there is still an opportunity–even with the economic downturn–to blow this thing out.”
In the last round of investment, the company was valued at $98 million.
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