In March 2012, Twitter’s executive chairman, Jack Dorsey, thought he’d secured a verbal agreement with Instagram founders Kevin Systrom and Mike Krieger to buy the photo sharing app for $525 million.
As the history books show, a couple of weeks later, Facebook outbid its smaller rival to gain control of Instagram, barely 18 months after it’s birth. In the end, not by that much: the closing value of Facebook’s bid was $735 million. Twitter might have legitimate grievances about the way the sale was handled (reports suggest it was never given the opportunity to match or exceed Facebook’s winning offer) but the photo platform’s surging user growth could be pretty useful for it right now.
Instagram now has over 180 million active users. I'm sure that one day it will be bigger than Twitter, and i'm sure that Mark Zuckerberg will be very happy about that.
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