Facebook’s Mark Zuckerberg Defends $1B Instagram Purchase

Facebook’s Mark Zuckerberg Defends $1B Instagram Purchase
News

Beginning the social network’s investor roadshow, ahead of its highly anticipated initial public offering, Zuckerberg fielded questions about the controversial acquisition, which the 27 year-old founder is understood to have decided to go ahead with very little involvement fromFacebook’s board of directors.

He said that Facebook had decided to buy Instagram when it saw the company’s user data cross a “tipping point”, from which they believed it would grow significantly.

Instagram has more than 40 million users. Zuckerberg explained that the company needed to move quickly once it learned the photo-sharing app was interested in being purchased.

It is believed Twitter had also been interested in snapping up the hot start-up.

Hundreds of investors turned out yesterday in New York to hear Zuckerberg answer questions about Facebook’s long term growth strategy and his vision for the future.

Wearing his trademark hoodie jumper and jeans, Zuckerberg also answered a question about Facebook’s plans to enter China.

He said that despite being currently blocked by the biggest internet using market, Facebook executives would be willing to sit down with Chinese government officials and talk about partnerships in the country.

Hundreds of investors queued top get into the event, which was off-limits to the media – as Facebook gears up for the largest initial public offering the technology sector has ever seen.

The social network founded aims to raise $5bn (£3.1bn) on May 18, valuing the company at $96bn.

The Telegraph

Share Tweet
React
Like Us On Facebook
Like Us On Facebook

Preston Waters

Preston Waters is a thinker. He's not your traditional philosophical persona, however, as he leaves no topic untouched. Covering all the bases, from business to women, Preston Waters is the ultimate man's man for Gen-Y.

Original Video

Everything You Need To Know About Marijuana

Jesus has risen, but how high did he get? While Easter and 4/20 falling on the same day is most definitely a weird coincidence, it will also highlight a pretty important public opinion on what’s more important: weed or candy eggs? Sto...

More In News

World Connor Toole

Ukranian Man Offers $10k Each For Capture Of Russian Invaders

A Ukrainian politician has put a bounty on the head of Russian mercenaries in an attempt to stymie the neighboring country’s hostile actions in the region. According to The Trumpet, Borys Filatov, the lieutenant governor of Dnipropetrovsk, posted a message to Facebook earlier this week in which he provided a number of incentives for anyone […]

World Sean Levinson

The Flyer About Jews Needing To Register In East Ukraine Is Thankfully Fake

Western intervention in Ukraine seemed like a distinct possibility yesterday when it was reported that the Jewish community in the eastern city of Donetsk, currently occupied by pro-Russian militants, was given leaflets saying that they would be deported if they did not register with what is calling itself the city’s temporary government. But according to […]

World Sean Levinson

The Underwater Search For MH370 Could Cost A Quarter Billion Dollars

An underwater vehicle made by a private American company is currently searching for missing Malaysia Airlines Flight 370. It has come up with nothing after four missions covering nearly 50 square miles of sea. If the US continues employing private companies to search for the plane, it could cost a quarter of a billion dollars. […]

Also On Elite

Music News

Cam’ron Proves He’s Still Got It By Demolishing Nick Cannon On Instagram

As a platform, Instagram typically gets filed under “hipster app.” This may or may not be accurate, but one thing is certain: The latest back and forth between Cam’ron and Nick Cannon is so thoroughly steeped in sarcasm and even-keeled snark that you’d think it was a pair of Brooklynites arguing about the most important […]

World

The First Weed Vending Machines Have Been Installed In Colorado

After the first recreational dispensaries opened in Colorado earlier this year, Gawker reports that the state has finally unveiled its first marijuana vending machine. Located in Avon, Colorado, the bright green machine sits outside Montana’s Smokehouse and is stocked with a variety of edibles. Unfortunately, the machine can only be utilized by someone with medical card, […]

Technology

Google Naps Shows The Best Places To Nap In Your City

A clever play on words, and a masterfully-imagined dig at our over-dependence on mobile apps for guidance (directionally speaking, unless there’s a therapy app I don’t know about); behold Google Naps. This project uses geolocation to allow users to pinpoint the nearest public place to take a nap. Depending on where you are when exhaustion […]