Yes, but both parties could not come to an agreement as to the value of the Facebook stock that Facebook wanted to buy Twitter with. Since Facebook is privately held, determining how much its stock is worth is a tricky situation.
Source(s):
http://www.businessweek.com/technology/content/mar2009/tc2009031_743025.htm

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There is actually a solid article about this in Businessweek today

http://www.flickr.com/photos/33749589@N07/3323602478/

--quote--
Representatives of Twitter liked the sound of $500 million but balked when Facebook said its stock was worth $8 billion to $9 billion. Twitter's team knew that Facebook was letting employees sell stock on the secondary market at company valuations ranging from $2 billion to $4 billion. "We said it's not worth it," the person says. "Don't treat us like children."
--/quote--
Source(s):
http://www.businessweek.com/technology/content/mar2009/tc2009031_743025.htm

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