You may know by now after the tons of stories surfacing on the internet, that Facebook recently purchased Instagram for 1 billion dollars, but what you may not know is that the rival social network Twitter also tried to buy the photo-sharing app months before Facebook did.
The app only being in the app store for two years has grown massive success, especially for a completely free app with no real income, and is yet to even turn a profit. But what is interested is how Twitter tried and failed to purchase the app after which Facebook came in and crabbed the app whilst they could.
I am wondering is this the reason for Facebook paying as much as they did and was that record-breaking purchase only because they wanted to beat Twitter to the punch. Well we will never know but it certainly gives us something to think about.
Via [The Telegraph]