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

Politics Ross Seidman

Why We Can’t Call What’s Going On In Gaza A Genocide

The views and opinions in this article are solely the author’s and do not reflect the official opinion of Elite Daily. The author, Ross Seidman is the Director of Government Relations for the Campaign for a Presidential Youth Council, a member of the Youth Working Group to the U.S. Commission to UNESCO, and previously served […]

Also On Elite

Women

Girl Code: 47 Things All Women Need To Start Doing More Of For Each Other

Ladies, when did we become enemies, instead of allies? When did we start seeing each other as competitors, instead of teammates? When did we replace sisterhood with spinsterhood? When did we stop being on the same side and start playing against each other? In a society over-saturated with Tinder, dick picks and countless cases of […]

World

Leaf Them Alone, Vegans! Plants Can Actually Hear You Eating Them

Sorry, vegans, but your plans to respect living things by not eating them just got foiled: plants can hear you eating them. Researchers from the University of Missouri-Columbia (MU) report that plants respond to sounds caterpillars make when eating them, which causes the plant to put up defenses and protect itself from attack. In the study, […]

World

83-Year-Old Woman Stops Robber By Pouring Boiling Water On Him

An 83-year-old woman wisely minded her surroundings when she was attacked by a robber this weekend, using a cooking stick and boiling pot of water to send him scurrying away. According to ABC News, Houston’s Lillie McClendon had just gotten out of the shower on Sunday when she noticed an opened window, a quilt on […]