Read more about Mark Zuckerberg bought Instagram as it was a ‘threat’ to Facebook on Business Standard. Facebook bought Instagram for $1 billion in 2012, a shocking sum at that time for a company with 13 employees
The US House antitrust subcommittee has made public the email exchanges between CEO and former chief financial officer David Ebersman, revealing that the company (and Zuckerberg, in particular) wanted to buy to avoid competition as it could have hurt the social network. Rep Jerry Nadler (D-NY) on Wednesday grilled Zuckerberg about the acquisition during the testimonies from the Big Tech CEOs, including Amazon’s Jeff Bezos, Sundar Pichai of Google and Tim Cook of Apple.
