Instagram, the free photo sharing program that allows users to take photo, apply a digital filter to it, and then share it on the social networking sites, was bought bought by Facebook for jaw dropping $1 billion. Many were surprised by the amount of money paid by Facebook, but there something that we didn't knew.
It's revealed, however, that the CEO of Instagram, Kevin Systrom, asked $2 billion. The meeting was held in Zuckeberg's $7 million five-bedroom home in Palo Alto. As it's known, Mark managed to cut the asking price in half.
Wall Street Journal reported that the deal was preceded by a series of meetings, but that Facebook Board of Directors had a very small fraction of the whole process, and that they were only informed last day of negotiations.
Amazing deal I think for a young company like Instagram. It proves that in this days, if you have a quality IT product, you can get rich!