Facebook remains on the lookout for acquisitions after its failed attempt to buy microblogging site Twitter, one of the company's directors and largest investors says. "We're still focusing on growing as much as possible," says Peter Thiel in an interview with BusinessWeek.
Representatives of Twitter liked the sound of $500 million but balked when Facebook said its stock was worth $8 billion to $9 billion. Twitter's team knew that Facebook was letting employees sell stock on the secondary market at company valuations ranging from $2 billion to $4 billion. "We said it's not worth it," the person says. "Don't treat us like children."
At that point, Facebook offered Twitter around $100 million in cash, with the rest of the deal in stock. Facebook said it would come up with the $100 million by selling more of its stock to outside investors.