Social networking site, twitter.com rejected a $500 million takeover offer from another social networking giant Facebook.com yesterday. The offer was $100 million in cash and the rest in stock. According to Kara Swisher, Twitter rejected the offer because:

"-Facebook’s real valuation made the amount to only $150 million

-Twitter’s investors wanted cash

-Twitter has a secret plan to be announced next year for revenue"

The real question is: What does twitter have in store? Sure, Facebook may have inflated their numbers a little, but hey, times are tough and $500 million is still half a billion!

Mitsubishi Kagaku Media (Verbatim) has bought out SmartDisk’s external hard drive and digital imaging business — including patents and engineering expertise.

Time will tell if this benefits the consumer.