We wonder how many people would be brave enough to turn down an offer for their company of $500 million but according to new reports that’s exactly what Twitter’s three co-founders did when they turned down the offer from Facebook’s Mark Zuckerberg back in 2008.
An AFP report tells how a Financial Times interview with Twitter co-founder Biz Stone revealed this information at the weekend saying Twitter was offered the $500 million in Facebook stock but that Stone and his co-founders, Evan Williams and Jack Dorsey were not interested. Stone said, “We’ve created something that people are finding value in. But we haven’t yet created a business out of this, and we really wanted to do that.”
Apparently four years after it was established Twitter is still not turning a profit but in the middle of December funds from investors meant a value was put on Twitter of $3.7 billion. Twitter now has around 175 million users and approximately 95 million tweets are sent every day so we can’t imagine that Biz Stone is exactly kicking himself for turning down the offer from Facebook’s Zuckerberg.
Matt Warman of the Telegraph tells how Biz Stone has confirmed he has no plans to leave Twitter at present and that Stone points out that future profitability for Twitter will involve revenue from paid-for promotional tweets. What are your thoughts on the Facebook offer? Do you think Biz Stone and the other Twitter co-founders made the right decision in turning it down? We’d like to hear what you think so feel free to send us your comments.
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