What better way for Instagram to improve their negotiating position than to remove the need for cash. Having 50M in the bank meant they could credibly walk awa

What better way for Instagram to improve their negotiating position than to remove the need for cash. Having 50M in the bank meant they could credibly walk away from the deal, continue operating and realistically be worth 4 or 5 times the 500M valuation the next time they raise. In essence making the investment deal set their acquisition price.