Facebook believed in Twitter potential back in 2008 and, according to the Financial Times, offered the micro-sharing service a $500 million buyout.
Twitter co-founder Biz Stone said the company turned down the offer because they wanted to go beyond an internet trend to create a viable business. “We’ve created something that people are finding value in,” Stone told the business daily. “But we haven’t yet created a business out of this, and we really wanted to do that.” Read the full story.
On matter of opinion, this late story is all about the old sowing and reaping story. According to Kleiner Perkins Caufield and Byers investors, current Twitter marketplace value is of 3.7 billion dollars. Not bad, uh?
For many startups, like Twitter, many years of development are needed before reaching profitability. Persistency in one’s believe and consistency in the pursuit of long-term results is what turn ideas in to big business. What do you think?