> Instagram wasn't "worth $1B". It was worth $1B to Facebook Which, (given a fixed supply of exactly 1 Instgram) means that it was worth $1B. Whether Facebook

> Instagram wasn't "worth $1B". It was worth $1B to Facebook Which, (given a fixed supply of exactly 1 Instgram) means that it was worth $1B. Whether Facebook overpaid (ie, whether they would have been better off spending part or all of that $1B elsewhere) is a completely separate question - the point is, the market valued Instagram at $1B.