Social network firm Instagram’s valuation now worth $35 billion as Citigroup
raised the valuation of the photo and video sharing network from $19 billion to
right on the heels of Instagram announcing that it now has 300 million monthly
active users.
The photo-sharing network recently announced it had
surpassed 300 million active users, and has taken steps toward cleaning up spam
accounts, as well as adding new filters and features in an update this week. By
comparison, Twitter has 284 million monthly active users, and after going
public, its market cap is $23 billion.
Instagram was acquired by Facebook back in April of
2012 for $1 billion. The acquisition came at a time when Instagram only had
around 27 million users on iOS. However, the company saw over a million
downloads n the first day of launching on Android, and Facebook put the pedal to
the metal and closed the deal.
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