You could be right. As I mentioned at least one side of this trade gave up money so that the Series B investors could get a quick 100% profit, and I am not sure

You could be right. As I mentioned at least one side of this trade gave up money so that the Series B investors could get a quick 100% profit, and I am not sure which. I assumed it was Facebook because of (1) the seemingly high purchase price (2) the way the rumored final price was a neat 2x multiple of the Series B valuation (3) the fact that Facebook by virtue of being a much larger company with much more shareholders would seem to have longer and more nebulous fiduciary duty connections than Instagram. But I admit, all of those reasons are quite speculative. I could be wrong. It could be that the Instagram shareholders knowingly gave up some of the purchase money in order to have funding in case the deal fell through.