Is Twitter Up For Sale?

It was reported that the gang from Twitter rejected a $500 million offer from Facebook.  WOW!  If they've turned that down, what exactly do they have up their sleeves?

Twitter has been an incredible phenomenon.  It's popularity is second to none, despite it's flaws.  That definitely says something when in the early days you'd get the whale tail saying something was wrong, and still people came back.

The $500 mil was in the form of stock, and Twitter folk do believe they are worth more than the inflated stock price of Facebook.  Schmaht folks they are!

Strangely, Twitter isn't making money, but does have an annual tab of $75 mil for all the text messages it sends.  So if Facebook or Google or Microsoft just sit and wait... the deal might get better for them.

Either way, now I worry.  If someone takes over Twitter, what happens to the the service?  Does it get better, upgraded, worse?  If MS buys it, I'll probably dump it.  Google or Yahoo would be great, but again, Yahoo may become an MS-bot somewhere down the road.  Oh the choices!