Rumors have begun to swirl surround a potential acquisition of Twitter by Apple. Valleywag, quoting a source that has been recruited by Apple for a senior position, said the company is close to a deal to acquire the micro-blog site for as much as $700 million in cash. Google had previously tried to buy Twitter but, according to the source, was rejected by Twitter CEO Evan Williams. The deal is rumored to be announced in time for the WWDC in June. Twitter recently closed a private equity round valuing the company at approximately $250 million.

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