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A lot of hindsight bias regarding Facebook's acquisition of Instagram. Today, everyone thinks it was obvious that Instagram was going to become a huge business. But that's not what people were saying back in 2012 when Instagram had 30 million users and zero revenue.pic.twitter.com/P25MA2YoJ5
In 2012, people were so convinced it was a mistake to buy Instagram that they were inventing elaborate theories to explain why Zuck did it. I mentioned this in an essay I wrote at the time (http://paulgraham.com/growth.html ). Now of course this example seems very confusing.pic.twitter.com/LxkolFDh1p
Doesn’t this lean in to the crux of the congressional hearing? FB sees threat, FB eliminates/acquires threat to retain monopoly ownership of that market?
Simple technogies can solve complex problems. Ironically, highly technological people understand that best.
True. Every value layer added accentuates the worth of the product. That’s why designers & architects are paid exponentially more than workers who laid bricks of a building. Coz they have a vision & they risk everything. FB added multiple layers to put insta on moon.
To be perfectly honest, I then thought that the valuation was insane. Didn’t think the service had enough stickiness to produce high growth much longer.
I just assumed Zuck knew what he was doing. He had more information than any outside observer, and was in the best position to interpret it.
Brian Acton, Jan Koum, Kevin Systrom and his partner, these guys left Facebook for a reason, even leaving behind millions of dollars in money. Those who read their stories know Zuck is a force to reckon with although he looks like a chump.
Zuck was able to spot Instagram, Whatsapp, and even Snapchat as potential allies if brought into FB universe. Snap didn't agree and Zuck used Instagram to launch an atom bomb on Snap and Snap snapped. Instagram is what it is today partly because of Zuck.
But those who read Kevin's story would also know that Instagram is not what it could have been because of Zuck's constant intervention and him wanting to downplay Instagram's success in front of Facebook, as Facebook itself started facing demise from various fronts.
Well we all apply our own personal biases so does Zuck, its turns out his Biases are more accurate than others.
I gave a speech to a bunch of rich entrepreneurs visiting Silicon Valley the day Zuck bought it and not a single one thought it was a good idea. You are right on that most people didn’t get it. I thought it was a brilliant idea and told many that.
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