Facebook’s Mark Zuckerberg Defends $1B Instagram Purchase

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

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.

More In News

Technology Kevin Smith

Meet TouchPico: The Tiny Android Projector That Turns Any Surface Into A TouchScreen

Starting today, you can contribute to an innovative new Indigogo project called TouchPico. The TouchPico is a compact, Android PC with a built-in projector. This isn’t your regular projector, though, the TouchPico projects a touchscreen onto any flat surface, which makes it perfect for presentations, education and, of course, entertainment. Projectors are cool. They take […]

Also On Elite

Sports

Biting Expert Mike Tyson Defends Luis Suarez’s World Cup Gnawing

Mike Tyson has come to the defense of Luis Suarez after the Uruguayan striker was caught biting an opponent at the World Cup. Tyson, a former world heavyweight boxing champion who famously bit an opponent during a competitive match, said in a Reddit Q&A session that he “understood” the moment of madness from the Liverpool […]

Technology

The Future Is Here: Preschoolers Outsmart College Students When Figuring Out Gadgets

Children are actual sponges. They take in everything and seem to process it impressively quickly. Researchers at the University of California, Berkeley, wanted to find out why. In a study, scientists discovered that 4 and 5-year-olds are better at figuring things out and solving problems than college students. One hundred 4 to 5 -year-old boys and girls […]

TV

What Fans Can Expect From The ‘Breaking Bad’ Spinoff In 2015

While rumors started surfacing weeks ago, more details have recently been released about the “Breaking Bad” spinoff, “Better Call Saul.” Although originally meant to air in November 2014, it has been pushed back to release in 2015 and honestly, we’re not even disappointed. With all of the heart-stopping details that have been revealed for this […]

Humor

Instagram User Hilariously Calls Out The Logic Of Absurd Rap Lyrics (Photos)

As a rapper, your main job is to make words sound really nice when repeated in succession. That might be one of the simplest (and whitest) ways to describe the fundamentals of hip-hop, but you’d be lying to yourself if you said it wasn’t at least a little bit true. When you’re constantly trying to come […]