FaceTram (Facebook + Instagram) Deal Took Two Days To Complete

Posted on Apr 13 2012 - 5:06am by Editorial Staff

The social giant only a few days ago agreed to acquire photo-sharing service Instagram for $1 billion – yes the amount is correct and the announcement was made by Facebook’s Mark Zuckerberg itself. The deal is a combination of cash and shares of Facebook, but today we’ve got some piece of information on how the deal came to light.

Citing the “anonymous” sources, the New York Times’ states that the acquisition 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 was from starting to end being part of all the transaction that take place. Zuckerberg’s phone call was just days removed from the release of Instagram for Android and a $50 million funding round that brought the company’s valuation to a total of $500 million.

(Image Source: Facebook like, Featured Image)

About the Author

Editorial Staff at I2Mag is a team of subject experts.