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I feel bad posting this (and will be voted down probably), but why is this significant?

bit.ly appeared to be the front runner for an acquisition in that Twitter arena.

Their analytics are impressive:

Twitter already tried to acquire them and they declined the offer.

Whoops...

Source?

Thought it was just kind of well known. The first of many sources: http://www.businessinsider.com/google-and-twitter-wanted-to-...