Instagram’s co-founders Kevin Systrom and Mike Krieger were seen partying in Las Vegas last weekend after selling their company to Facebook for a reported $1-bln.
Systrom and Krieger, both 26, will be paid in cash and in Facebook stock. The deal garnered great interest as it came just as Facebook was putting the finishing touches on their IPO which is scheduled for next month.
Although Facebook CEO Mark Zuckerberg has announced that they will run Instagram independent of Facebook, previous Facebook acquisitions have been either integrated into the wider Facebook fabric or have been shut down completely.
Instagram is a photo-sharing service that allows users to post photos using smartphones or tablets. The app is used by some 30 million people including celebrities including Justin Bieber, Zooey Deschanel, Snoop Dogg, Drake, and Rhianna.
The newly minted multimillionaires were seen at dinner with DJ Deadmau5 and producer Avicii at Wynn and Encore Las Vegas’s Botero restaurant. The duo moved onto the resort’s XS nightclub, as seen in a photo with club managing partner Jesse Waits. There were no signs of extravagance, and the party retired to bed by 4 a.m.
May Jeong is Toronto Standard’s business editor. Follow her on Twitter @mayjeong.