Twitter gazumped by Facebook over Instagram deal
Details have emerged of an abortive bid by microblogging site Twitter to purchase the photo sharing app Instagram in the months leading up to Facebook’s billion dollar takeover. According to the New York Times Twitter’s co-founder Jack Dorsey, who also happens to be an investor in Instagram, had been a leading the charge on the bid. Dorsey was a regular user of the service, diverting images to his Twitter feed every day, although since Facebook’s acquisition this habit has come to an abrupt halt. Suspecting more than a mere coincidence the paper suggests this may be interpreted as “a sign that he is not happy to see it in the hands of a competitor.” It’s not all bad news for Dorsey however, as Twitter’s interest forced Facebook to proffer the budget busting $1bn offer – handing him a tidy return on his investment in the process.
Source: Digital Spy