Twitter offered $525mln for Instagram – reportDecember 17, 2012 - 17:06 AMT PanARMENIAN.Net - Weeks before he accepted a $1 billion offer from Facebook Inc, Instagram CEO Kevin Systrom had verbally agreed to sell his photo-sharing company to Twitter Inc for $525 million in March - but then called off the deal, Reuters reported. Facebook CEO Mark Zuckerberg ultimately acquired Instagram after pushing through a cash-and-stock deal just weeks before Facebook's May initial public offering. The transaction closed in September at a $715 million valuation, reflecting Facebook's stock drop since the offering. During negotiations with Instagram, Twitter executives had handed Systrom a term sheet outlining the details of the proposed deal, but Systrom later told California state regulators under oath that his company had not received any "formal offers or term sheets" from potential buyers aside from Facebook. Relations between Twitter, Instagram and Facebook have soured since Facebook successfully swooped for the photo service. Earlier this month Instagram shut off a functionality that allowed Twitter to display Instagram pictures, while Twitter introduced its own photo color-filters to compete with Instagram. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Ameriabank's Trade Finance portfolio enriched with four prestigious awards from EBRD and IFC Ameriabank received the awards from international financial institutions in recognition of its trade finance operations. Armenian Economy Minister to make trip to UAE May 20-22 A delegation led by Minister of Economy Gevorg Papoyan will travel to the UAE capital of Abu Dhabi on May 20-22 Armenia Security Council chief traveling to Qatar Secretary of the Security Council of Armenia Armen Grigoryan will travel on a working visit to Qatar. Pillars installed in Armenian border village of Kirants In the Armenian village of Kirants, three border markers have been installed, and border guards stand next to them. |