Twitter passes on Facebook offer

11/24/2008 | All Things D

Facebook offered a rumored $500 million in stock (based on its $15 billion valuation) to acquire Twitter, reports Kara Swisher of All Things Digital. No one went on the record to discuss the deal, but sources indicate Twitter felt it was undervalued in the deal -- especially considering the high valuation the deal put on Facebook. From the standpoint of Facebook, the acquisition of SMS-based Twitter meant taking on potentially high messaging fees from mobile providers.

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