Saturday, December 2, 2023

Prior To Signing A Deal With Facebook, Instagram Was Keen To Go Ahead With Twitter:Report



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An unnamed resource has revealed to New York Times that much before partnering with Facebook Inc, Instagram CEO Kevin Systrom was willing to sell his photo sharing company to Twitter. In March Twitter had offered $525 million to the company but later on the deal was called off and Instagram signed $1billion deal with Facebook.

In May before Facebook’s initial public offering, Zuckerberg closed a cash-and-stock deal with Instagram. Till September Facebook’s stocks dropped and the transaction was closed at $715.

New York Times has also reported that Twitter executives has given Systrom a term sheet outlining the details of the deal but later while taking oath under Califonia regulators Systrom said that except Facebook he has not received formal offers from any potential buyers.

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Things have not been keeping well between Twitter, Instagram and Facebook since then. It has just been weeks that Instagram had taken away the Twitter’s ability to display Instagram pictures.  To give competition to Instagram Twitter has also introduced its own photo color-filters.

A spokeswoman for Facebook declined comment. Twitter could not be immediately reached for comment.

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