Microblogging website Twitter came very close to being acquired by leading social network Facebook, but the two parties eventually retreated from the brink. Twitter’s CEO Mr. Williams admitted that his company took the negotiations seriously.

According to him, the negotiations proved futile as the parties realized that it wasn’t the right time and that Twitter has to accomplish quite a lot at this juncture. It seems that the parleys weren’t entirely unproductive and there is every possibility of their harvest being reaped at a later time.

Facebook is reported to have offered $500 million to the microblogging website, which hasn’t been able to determine ways of making money so far.

Mr. Williams is not too keen on generating revenue through advertisements, but plans on charging companies that are using Twitter's service for commercial purposes.