I will accept that Facebook did not think this way (ie. it is cheaper to hire developer than acquire). But to be fair to me, until this parent comment, nowhere

I will accept that Facebook did not think this way (ie. it is cheaper to hire developer than acquire). But to be fair to me, until this parent comment, nowhere had you actually mentioned that you knew exactly why Facebook passed on the acquisition. Until you mentioned that fact, it was reasonable to assume that one party in a negotiation does not know all the motivations of the other party. Having said that I would still let my thesis stand while withdrawing the Tipjoy incident as any kind of evidence of that thesis: given the proliferation of start-ups and the buyer's market, it is reasonable for acquirers to think that way.