Rumor has it that Apple is trying to purchase Twitter, slapping down a bid of nearly $700 million.

Twitter has become a nearly overnight sensation, all by simply allowing users to do nothing more than update thier status. Apple most certainly isn't the first to attemp a buyout of Twitter, however it the rumor is true, it most certainly will be the highest bid to date.

Many companies are struggling with finding ways to turn social networking sites profitable, however Apple may not be interested in that aspect. Apple may more than likely be after the "open" functionality that allows thir party site to interace with it.

Apple is always one to try and jump to the forefront of technology and the social networking trend is something many Apple users are all over. Don't hold your breath though as nothing is official at this point and may just turn out to be pure speculation.