As you may have heard, Peter and his long-time pal made a bet that Peter couldn't hit 500,000 followers on Twitter by a certain date.

If Peter lost, he had to give Rob his Twilight chair backing from the set of Twilight. If Peter won, Rob would have to dance down Hollywood Blvd., wearing a thong bikini and carry a sign saying "tweet me," while singing Beyonce's "Single Ladies."

We all know who won—never underestimate the power of Twilight nation!

Tons of Twilight fans stopped by to witness the hilarious event, as Peter stood by and watched DeFranco bust out some awesome moves.

Check out all of our exclusive pictures of the event, which was sponsored by Affliction clothing, who donated $10,000 to the The Christopher & Dana Reeve Foundation. (Since winning the bet, Facinelli has decided to hold a drawing and give away his Twilight chair, along with an iPod Touch, to one lucky fan.)

Be sure to stop by later to see the video!