19:47 • 1 year ago

Zuckerberg kept Facebook in the dark on Instagram purchase

Facebook’s Board of Directors were never included in negotiations for the company’s purchase of Instagram, according to a report in the Wall Street Journal. The paper claims CEO Mark Zuckerberg spent three days hashing out details of the sale with Instagram founder and CEO Kevin Systrom personally, fearing that the involvement of lawyers would scare him away from the sale. Although Facebook’s board was given a chance to vote on the purchase, sources close to the company say that it was a largely-symbolic one. Zuckerberg owns a majority of the voting rights. He can do that. source

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