Reuters – Twitter Offered Instagram $525M Deal

Weeks before he accepted a $1 billion offer from Facebook Inc., Instagram CEO Kevin Systrom had verbally agreed to sell his photo-sharing company to Twitter Inc. for $525 million in March - but then called off the deal, according to a New York Times report citing unnamed sources. Facebook CEO Mark Zuckerberg ultimately acquired Instagram after pushing through a cash-and-stock deal just weeks before Facebook's May initial public offering. The transaction closed in September at a $715 million valuation, reflecting Facebook's stock drop since the offering, Reuters reported.

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