With its recent $1 billion purchase of photo-sharing app Instagram, Facebook made its largest acquisition to date. Now, a report in The Wall Street Journal says that this major decision was largely a solo one.
The Journal says that chief executive Mark Zuckerberg kickstarted negotiations with Instagram founder Kevin Systrom and only brought the social network’s board of directors up to speed three days later on April 8.
A read of the Journal’s report also offers details on where and when the dealmaking took place and what it might say about the company and its young leader ahead of a public stock offering later this year.
Instagram has grown rapidly since its launch two years ago. The company says it has over 30 million users, and its recent addition of a version for Google’s Android platform has only padded those numbers further.
As Hayley Tsukayama reported, it may be this solid user base, along with Instagram’s success on mobile devices, that made the app such an attractive buy for Facebook.