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He turned down 1 million (by Microsoft for his audio software) before that, so it's not so unlikely that he would turn down a similar offer.

I, personally, wouldn't say 1 million and 1 BILLION are "similar offers". That's a pretty enormous difference.

$1 million during the dot-com bubble was essentially a signing bonus.

If facebook was 1000x more promising than his audio software then it would be about the same.