WAIT A SECOND: Did Instagram Close A $50 Million Round A Few Days Before Selling To Facebook For $1 Billion?

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Alexia Tsotsis at TechCrunch is reporting Instagram actually closed a $50 million funding round at a $500 million valuation on Thursday last week.

TechCrunch reports the money was wired to Instagram on Thursday night.

Thrive Capital, Greylock Partners, Sequoia Capital and Benchmark all participated in the round, TechCrunch reports.

If that’s true, those investors basically doubled their money overnight, Tsotsis points out.

But you can bet there will be some kind of a fight over this round — including an attempt to undo it.

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