It’s only been a few days since Facebook shelled out $1 billion in cash and stock to purchase Instagram, but now we’ve got some information on how the deal came together. According to The New York Times’ anonymous “people with knowledge of the matter,” CEO Mark Zuckerberg was at the forefront of the entire acquisition, unlike previous (and smaller) transactions. Apparently it all came together over a matter of two days — Zuckerberg called Instagram CEO Kevin Systrom last Friday and said he wanted to buy the photo sharing service, and by Sunday all of the details were worked out. Zuckerberg’s phone call was just days removed from the release of Instagram for Android (which was downloaded over a million times in a day) and a $50 million funding round that brought the company’s valuation to a total of $500 million. Ultimately, it took Facebook $1 billion to claim the photo sharing service — and its 13 employees — as its own.
Facebook-Instagram deal took Zuckerberg two days to complete
According to The New York Times’ anonymous “people with knowledge of the matter,” CEO Mark Zuckerberg was at the forefront of the entire acquisition, unlike previous (and smaller) transactions. Apparently it all came together over a matter of two days — Zuckerberg called Instagram CEO Kevin Systrom last Friday and said he wanted to buy the photo sharing service, and by Sunday all of the details were worked out.
According to The New York Times’ anonymous “people with knowledge of the matter,” CEO Mark Zuckerberg was at the forefront of the entire acquisition, unlike previous (and smaller) transactions. Apparently it all came together over a matter of two days — Zuckerberg called Instagram CEO Kevin Systrom last Friday and said he wanted to buy the photo sharing service, and by Sunday all of the details were worked out.
Most Popular
- Midjourney goes from generating cat images to full-body ultrasound scans
- Apple’s weird anti-nausea dots cured my car sickness
- Tim Cook says RAM expenses are ‘unsustainable’ and Apple is going to raise prices
- This Ghost in the Shell keyboard makes me want to activate the hundred spidery robot fingers inside my regular fingers
- Amazon employees say they’re facing termination for backing data center limits
