We all remember when Facebook bought Instagram for a cool billion dollars, seemingly out of nowhere. Well now another piece of the story might be coming out. According to a report from The New York Times, Twitter made an offer too, for $525 million.
The Times report cites unnamed sources who say Instagram CEO Kevin Systrom agreed to a verbal offer of $525 million in March before changing his tune and deciding to stay independent. Then, of course, the Facebook acquisition happened, and according to the Time's sources, Twitter was shocked; they'd been ready to make a counter-offer for more but the opportunity never arose.
The issue here, aside from Facebook vs. Twitter loyalty, is that Systrom later stated to the California Corporations Department—which was aiming to find out if the sale was made with investors' best interests in mind—that Instagram had never received any other formal offers. He was under oath at the time.
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