Assuming the rumors were true, they could have been bought for $6bn in November by Google on ~$750mm 2010 revenue after three rounds totaling $171mm -- an outst

Assuming the rumors were true, they could have been bought for $6bn in November by Google on ~$750mm 2010 revenue after three rounds totaling $171mm -- an outstanding return. However, they chose to turn down the offer, and take on fourth round of nearly $1bn in Dec/Jan and (presumably) grow internationally. It's a bet by the board that they can grab land faster than anyone else.