Micro-blogging platform Twitter reportedly turned down a $10 billion acquisition bid from search engine giant Google last year.
According to Fortune (http://tech.fortune.cnn.com/2011/04/14/troubletwitter/ (opens in new tab)), three companies were planning on acquiring Twitter: software giant Microsoft, rival Facebook and Google.
Microsoft ultimately decided no to make an offer while Facebook offered $2 billion to acquire its chirpy rival. Google, the most serious bidder, offered as much as $10 billion to Twitter, but was turned down.
A recent evaluation of the platform, which has around 20 million users worldwide, estimated that company could be worth anywhere between $8 billion to $10 billion, in line with Google’s offer.
The Fortune article speculates that the company is experiencing some turmoil at the executive level; Twitter co-founder and ex-CEO Jack Dorsey was forced to step down from his position by the company’s board; secret board meetings and political infighting only add to the drama.
“These theatrics, which go well beyond the usual angst at a new venture, have contributed to a growing perception that innovation has stalled and management is in turmoil at one of Silicon Valley's most promising startups,” Fortune wrote.