WebProNews

There are probably more than a few sighs of relief being breathed inside MySpace's offices this morning.  A new report indicates that an attempted acquisition of Twitter by Facebook has failed.

According to Kara Swisher and "sources on both sides," "About three weeks ago, Facebook and Twitter ended several weeks of serious talks . . ."  A full $500 million - in the form of Facebook's stock - was on the table.

 Mark Zuckerberg

Twitter hasn't made much of an attempt to earn revenue, however, which likely means that its bank accounts and relationships with investors are in good shape.  Moreover, Swisher says that Twitter's execs would prefer to take their own shot at creating a revenue model before handing things over to Facebook.

Then there's the somewhat complicated matter of Facebook's offer to consider.  Determining the value of any stock in this economy is tricky, and Facebook's shares may seem especially unstable since its $15 billion valuation has caused so many raised eyebrows.

Don't look for Twitbook - or whatever the combination of Facebook and Twitter might be called - to come into existence anytime soon, then.  But if Facebook finds some cash, or Twitter doesn't locate a path to success, expect Mark Zuckerberg to revisit the idea.