Apparently Facebook tried to buy the microblogging company called Twitter this week. Facebook made an offer amounting to $500 million in Facebook stock. Part of the reason that the purchase offer was turned down is that Twitter questioned the valuation of Facebook.
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Facebook's valuation is based on the $240 million that Microsoft dropped for a mere 1.6% share in 2007. Twitter founders also felt that the site had yet to hit its high point with profitability according to Telegraph.
Whether or not this was a good decision for Twitter in the face of a rapidly worsening economy remains to be seen. The tech world is riddled with withering firms that hit very hard times after turning down nice purchase offers.
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