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I have no inside knowledge, but I doubt it. Look at the funding (left side, half way down the page):

http://www.crunchbase.com/company/instagram

There are quite a number of people involved. The seed round people apparently had about 15% of the company. If I had to guess, the A and B round had 20-35%. The non-founder employees, could have another 10% or so. Leaving 40-55% for the founders.

If you're trying to funnel money to somebody in specific, this is terribly inefficient; 80% of the money would go to other people.

Also, Facebook is about to IPO, and this is a very high-profile deal. It's the worst time and the worst way to do something fishy.




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