Instagram Worth $1.2 Billion After Facebook IPOBy: Mike Fossum - May 18, 2012
It’s common industry knowledge that Facebook recently acquired photo sharing platfrom Instagram for a quick billion, and it’s common general knowledge that Facebook today filed its IPO. Now it’s been reported that said IPO has added about $243 million in value to Instagram – the platform is today worth $1.243 billion, to be more precise.
Zuckerberg and Co. payed about $300 million in cash and roughly 23 million Facebook shares for the company in April. Now with the IPO, the stock added the extra value. Interestingly, Systrom initially asked Zuckerberg for $2 billion for his company. Time will tell if the stock adds another $750 million in value.
Business Insider reports that Instagram’s bump in stock value makes it worth more than:
–Jack in the Box – purveyor of fine chicken teriyaki bowls and hamburgers.
–The Finish Line – an athletic-apparel store.
–P.F. Chang’s – the Chinese fast-food chain.
–Zillow – the online real-estate website.
–TiVo – the digital video-recorder company.
–Netgear – the wireless router maker.
For more extensive coverage on Facebook’s IPO, go here.