

Instagram has lost nearly $300 million—and it's not all Facebook's fault - nighthawk
http://upstart.bizjournals.com/news/wire/2012/08/21/instagram-has-lost-nearly-300-million.html

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lmm
It wasn't "failing to protect". At the time Facebook was the hottest stock
going; choosing to make the contract for a fixed number of shares rather than
using a floating share exchange ratio was perfectly reasonable.

