Andre Yoskowitz
17 Dec 2012 0:19
Just three weeks before they were purchased for $1 billion by Facebook, Instragram CEO Kevin Systrom had verbally agreed to be sold to Twitter.
The offer at the time was $525 million, but was obviously called off when the higher bid came in.
Facebook CEO Mark Zuckerberg offered $1 billion in a cash-and-stock deal, which eventually closed at $715 million following the decline in Facebook's stock value since May.
Twitter had given Instagram a term sheet with a proposed deal, but Systrom says they never received any "formal offers" from anyone but Facebook.
In the last month, Twitter has shut off the functionality that formerly allowed Twitter's official apps to display Instagram photos while introducing their own filters.