Privately-held Facebook may never realize the notorious $15 billion valuation hammered out in its advertising-plus-equity deal with Microsoft last year, but at least that eye-popping number is good for something: acquisition offers. The social network reportedly offered microblogging service Twitter $500 million of its own inflated stock, based on the same valuation metric as its deal with Microsoft, in a buyout offer that Twitter has summarily rejected.
The deal would have united two cornerstone Web 2.0 companies. Four-year-old Facebook has rapidly become one of the most trafficked properties on the Web, with 120 million users of its social networking platform. Twitter, on the other hand, is emblematic of the speculative 2.0 era, having built its user base to a reported 6 million without ever seeing a dime of revenue. Initially regarded as a chronicler of minutiae with which people could blog from their phones, Twitter has become a Web utility that threatens to replace RSS feeds and eclipse blogging.
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