Facebook Blew Off Wall Street Again On The Instagram Purchase

mark zuckerberg facebook

Photo: AP

Facebook has been giving Wall Streeters a bit of grief these days. One reason we’ve talked about is because it seems like Mark Zuckerberg doesn’t care about his company’s IPO.He didn’t go to the IPO “kick-off” meeting, after all.

Well now, the NY Post reports, Wall Street is seeing even more evidence that Zuckerberg’s priorities lie elsewhere. The word on the Street is that he should have waited after the IPO to make that $1 billion Instagram purchase so that Facebook would look more attractive to investors.

From the NY Post:

“People are wondering if [Facebook] couldn’t have waited until after the IPO [to purchase Instagram],” said one source, who declined to be identified.

Zuckerberg didn’t even inform Facebook’s underwriters of the Instagram until late in the negotiating process, says The Post.

Burn.

 

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.