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When Did Facebook Buy Instagram?
When did Facebook buy Instagram? What was the reasoning behind the purchase? Is it a way to avoid competition with its image-sharing service? Or is it an attempt to make Instagram more popular? The answer to these questions depends on your own personal preferences and your own knowledge of the social media scene. Read on to learn more about the purchase. In the meantime, why did Facebook buy Instagram? It was a business move for two reasons.
Mark Zuckerberg’s decision to buy Instagram
Facebook CEO Mark Zuckerberg recently paid $1 billion to buy Instagram. The photo-sharing service has become one of the most popular social networking sites. The move was reportedly spurred by Facebook’s lack of growth. According to people familiar with the matter, Facebook CEO Mark Zuckerberg called Instagram’s CEO Kevin Systrom to discuss the deal. The two executives ultimately decided to part ways. The deal was completed on Sept. 24, 2018.
Facebook CEO Mark Zuckerberg invited Systrom and Instagram CEO Amin Zoufonoun to his Menlo Park home where they worked out a deal to buy Instagram. They offered $1 billion for the company, which was just a small startup with only 13 employees. See the article : How to Deactivate Facebook Without Logging in. Instagram had recently closed a $500 million funding round a few days before the deal was made. In the end, the process took just a weekend.
After the merger, the FTC grilled Facebook CEO Mark Zuckerberg over his decision to acquire Instagram. Zuckerberg’s answer – neutralizing a competitor, acquiring talent, and integrating products into Facebook – was viewed as a typical Zuckerberg spin. The FTC interviewed Zuckerberg but decided against a formal deposition. The decision to buy Instagram, in the end, ended up being the right one for both companies.
