Weeks before he accepted a $1 billion buyout offer from Facebook Inc, Instagram CEO Kevin Systrom had verbally agreed to a $525 million offer from Twitter, according to a report in The New York Times citing unnamed sources close to Twitter and Facebook.
Twitter executives were then shocked that Systrom went ahead with the Facebook deal without giving them a chance to make a counteroffer, the Times reported.
Source: Reuters. Read full article. (link)