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NEW YORK ( TheStreet) -- For several weeks now, I have been trying to make sense of Twitter CEO Dick Costolo's comments about taking the company public.
He claims he's in no hurry. That he's focused on the business. That, frankly, he really doesn't care much about all of the IPO talk.
In theory, that's an excellent approach. The product comes first. We don't want meddling, no-nothing shareholders telling us what to do. Just look at what happened at
Apple(AAPL - Get Report) once Steve Jobs entered another dimension. The dividend-craving inmates run the asylum.
Plus, after the
Facebook(FB) mess and other recent IPO implosions, it makes perfect sense to distance yourself from the notion of going public. That's just not a good club to be part of right now.
That said, Costolo has people to answer to. Venture capitalists. Employees. These folks expect a return on their investments of money and time. There's no better and more efficient way to trigger that return than to open yourself up to the public markets. In fact, it's probably not crazy to say that Twitter
has to go public.
Unless, of course, it gets bought out first.
A few weeks back, I would have said we made too much of a story
The Wall Street Journal and
The New York Times appeared to make too much of:
Apple discussed investing in Twitter.
Upon further reflection, however, an outright acquisition actually seems possible. I'm not sure it makes a ton of sense, but I no longer consider it poppycock.
First of all, it explains Costolo's anti-IPO talk. He's incredibly convincing, but he's not stupid. Unless you're
Zynga(ZNGA) CEO Mark Pincus, there's no better way to sink morale than to make people wait longer than they need to before they can become IPO millionaires.
If Apple swallows Twitter -- and keeps its team intact -- it'll likely swing a sweet deal for all those due a payout via stock options and such.
Second, the integration of Twitter into Apple's new Mac operating system is just incredible. It took me about 45 seconds on my new MacBook Pro to realize this. This relationship not only disses Facebook, it gives Apple traction in one of the few areas it has failed -- social networking. It's way more than a partnership.