Ex-Googler Evan Williams had a startup called Odeo. It was going to be a podcasting platform. Evan asked his friend, another ex-Googler named Biz Stone, to join him. When Apple launched iTunes podcasting, and made Odeo's podcasting platform irrelevant, Evan and Biz and an Odeo employee named Jack Dorsey decided to create something called Twitter instead. Odeo's investors didn't like Twitter, and Evan did them a huge favor by buying back all their stock and making them whole.
Interesting since I am a user of both Blogger and Twitter and thing both are great applications in the social media sphere.