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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.
weird stuff, i think it'll take someboby with an existing network and a website to destroy twitter...who might that be....oh, I see, how about:
1) any telco
2) any existing social network
3) any existing IM player
$100 million in cash refused? maybe they thought it was zimbabwe dollars? oh, I know these folks played computers for so long they thought it was some fake game moneys.
I can come here to WebmasterWorld and find something good in two seconds.
I think most entrepreneurs in the trenches (actually in my case, more like in a ditch now, but I digress) find such deals so very frustratating. These folks really have no idea of how very fortunate they are. Perhaps their followers should be called "twits".