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Twitter turns down offer from Facebook

Wall Street Journal’s Kara Swisher has an excellent scoop that Facebook wanted to buy the micro-blogging site Twitter for $500 million and Twitter turned it down. What’s interesting is the reason Facebook CEO Mark Zuckerberg wanted to buy Twitter: Jealously.

About three weeks ago, Facebook and Twitter ended several weeks of serious talks, in which Facebook was offering to acquire Twitter for $500 million of its stock.

Quite incorrectly, as it turns out, since top execs at both Facebook and Twitter were right then at the tail end of discussions, which were initiated by the privately held Facebook in mid-October, about bringing the two together.

Those talks, sources on both sides said, are now over.

I hope Twitter turned down the offer because they thought they were valued more than $500 million, like when Facebook CEO Zuckerberg turned down an offer from Yahoo! because Facebook was valued at $2 billion.