The fact that Instagram is now valued at $35 billion suggests the 2012 doomsayers were just a bit off. Is that really a fact? Clicking through to that article

The fact that Instagram is now valued at $35 billion suggests the 2012 doomsayers were just a bit off. Is that really a fact? Clicking through to that article and reading it (which I don't recommend) shows that that valuation is based on the whims of a group of analysts at Citigroup. From the article: “While Instagram is still early in monetizing its audience and data assets and its financial contribution to FB is minimal today, we believe that it is quickly gaining monetization traction and would contribute more than $2bn in high margin revenue at current user and engagement levels if fully monetized,” they wrote. It's a bit ironic that the initial premise of the article is that commentators on the Apple/Microsoft battle of the 80's had their facts wrong.