What do you do when you want domination of the electronic and mobile device consumer market and have no significant presence in social networking? Oh, and a war chest of a mere USD 51 billion? You buy Facebook, the mother lode of (yet to be monetised) social networks. Facebook is worth USD 43 billion, according to sharespost.com. In interviews, Apple CEO Steve Jobs has explained that Apple was in talks with Facebook about partnership opportunities, but that the talks ultimately produced nothing. Facebook was after “onerous terms that we could not agree to”, according to Jobs. At the Web 2.0 Summit Facebook founder Mark Zuckerberg called for Apple to ease its approach to connecting Ping with Facebook, and said that Apple had to “get on the bus”. Steve Jobs might get on the bus indeed and buy Facebook outright. It makes perfect sense; Facebook doesn’t compete against Apple and it ‘faces up’ to Google, which Jobs loves since Google has become his new number one enemy. It’s a deal made in heaven… The gigantic 500+ million Facebook user base could be integrated across Apple’s consumer products and services – every Facebook user automatically has an iTunes Store account and FaceTime chat is integrated into Facebook chat. That’s a lot of iOS devices.

H/T: ZeroHedge