Twitter-Instagram Talks Before Facebook Deal?
How close was Instagram to being acquired by Twitter? According to a report by The New York Times, it depends who you ask.
How close was Instagram to being acquired by Twitter? According to a report by The New York Times, it depends who you ask.
According to the Times‘ Bits blog, while testifying at a California Department of Corporations hearing in August related to Facebook’s acquisition of Instagram, Kevin Systrom, CEO of the photo-sharing app, when asked if Instagram had received any other offers besides Facebook’s, said:
We never received any formal offers or term sheets. No.
Yet, Twitter and Facebook sources, as well as documents reviewed by the Times, tell a different tale, saying that Systrom and Instagram Co-Founder Mike Krieger held several meetings with top Twitter executives, as late as March, and that the two parties had verbally agreed to a price tag of $525 million in cash and Twitter shares, before Systrom told Twitter in late March that Instagram would “remain independent.”
Less
WORK SMARTER - LEARN, GROW AND BE INSPIRED.
Subscribe today!
To Read the Full Story Become an Adweek+ Subscriber
Already a member? Sign in