Did Twitter Really Turn Down $10 Billion?

Fortune's Jesse Hempel says that last fall, Twitter's board turned down a $2 billion offer from Facebook, and a $10 billion offer from Google (NASDAQ:GOOG). She says Microsoft (NASDAQ:MSFT) almost made an offer.

If the report is true, we are befuddled.

Twitter's user base is much smaller than its 200 million registered users would leave us to believe. It probably has less than 20 million active users.

Twitter has revenues in the tens of millions of dollars.

Twitter's board is in disarray.

Twitter has two part-timers leading its product team.

Ten billion dollars is a lot of money – almost double the company's current valuation.

Bizarre. If new Google CEO Larry Page comes calling with that kind of money again, Twitter's top management (mostly pros who did not found the thing) should say yes, please, and get out of the way.