Only its founders and a few others walked away with millions.
Although many words have been spilled about Facebook’s astounding purchase of Instagram (which actually came out to $715 million-not the $1 billion figure that made initial headlines), Frier goes farther back behind the scenes about the staggering deal-made only more mind-boggling when you find out just how fast and, frankly, reckless it was cobbled together over the course of a weekend-mostly over a barbecue grill in Mark Zuckerberg’s backyard.Īnd then there is the aftermath of the deal, starting with a virtually unreported weekend celebration for the Instagram team shortly after the deal was announced-but well before it closed-to Las Vegas in 2012, staying at the Trump International Hotel because Joshua Kushner (Jared’s brother)-who invested in Instagram late, just before the Facebook acquisition-asked his sister-in-law Ivanka to set the group up with whatever they needed.īut, contrary to the common folklore in the Valley that a successful startup’s employees usually end up tremendously wealthy after a major acquisition, that didn’t happen at Instagram.
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