Instagram, the popular photo sharing app for iPhone, is about to raise $40 million at a jaw-dropping valuation -- perhaps as much as $500 million.
That's for a company that at last count had only 9 employees and hasn't really started trying to make money yet.
The news was reported today in the Wall Street Journal. Last week, Bloomberg reporter Jon Erlichman tweeted that the company was about to raise a new round that would "make you go wow."
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