New financial figures for Instagram have been released by Kevin Systrom at a Californian Regulatory hearing.
In the 2 years of running Instagram, the company accumulated $2.7 million in losses – no doubt a large amount of this paying for their hosting in the AWS Cloud Environment and staff salaries.
Systrom also went on to say the company had $5 million in the bank. Previously the company raised $7.5 million in an earlier round of financing so all that money is accounted for.
Just before the Facebook purchase, Instagram raised a further $50 million USD (April 9, 2012).
The fairness hearing has now been concluded and all regulatory steps have been completed and approved for Facebook to finish the Instagram acquisition and issue the remaining stock owed to Instagram shareholders.
At today’s price of around $19 per Facebook share, the deal is valued at roughly $747 million USD.