Featured Articles

TSMC: Volume production of 16nm FinFET in 2H 2015

TSMC: Volume production of 16nm FinFET in 2H 2015

TSMC has announced that it will begin volume production of 16nm FinFET products in the second half of 2015, in late…

More...
AMD misses earnings targets, announces layoffs

AMD misses earnings targets, announces layoffs

AMD has missed earnings targets and is planning a substantial job cuts. The company reported quarterly earnings yesterday and the street is…

More...
Did Google botch the Nexus 6 and Nexus 9?

Did Google botch the Nexus 6 and Nexus 9?

As expected, Google has finally released the eagerly awaited Nexus 6 phablet and its first 64-bit device, the Nexus 9 tablet.

More...
Gainward GTX 970 Phantom previewed

Gainward GTX 970 Phantom previewed

Nvidia has released two new graphics cards based on its latest Maxwell GPU architecture. The Geforce GTX 970 and Geforce GTX…

More...
EVGA GTX 970 SC ACX 2.0 reviewed

EVGA GTX 970 SC ACX 2.0 reviewed

Nvidia has released two new graphics cards based on its latest Maxwell GPU architecture. The Geforce GTX 970 and Geforce GTX…

More...
Frontpage Slideshow | Copyright © 2006-2010 orks, a business unit of Nuevvo Webware Ltd.
Monday, 17 December 2012 10:19

Instagram tried to sell itself for half price

Written by Nick Farrell



Facebook’s billion better than Twitter’s offer

Weeks before he accepted a $1 billion offer from Facebook, Instagram CEO Kevin Systrom had verbally agreed to flog his photo-sharing company to Twitter for $525 million.

Apparently he called off the deal and put his company firmly in the paws of Facebook CEO Mark Zuckerberg. The deal was made sweeter by a cash-and-stock deal just weeks before Facebook's May initial public offering. Unfortunately the transaction closed in September and he only made $715 million out of it as Facebook's stock dropped.

According to the New York Times during negotiations with Instagram, Twitter executives had handed Systrom a term sheet outlining the details of the proposed deal. Systrom later told California state regulators under oath that his company had not received any "formal offers or term sheets" from potential buyers aside from Facebook.

Relations between Twitter, Instagram and Facebook have soured since Facebook took the company. Instagram shut off a functionality that allowed Twitter to display Instagram pictures, while Twitter introduced its own photo color-filters to compete with Instagram.

instantgram1

Nick Farrell

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
blog comments powered by Disqus

 

Facebook activity

Latest Commented Articles

Recent Comments