Turns out the much-argued over $1 billion that Facebook ended up paying for indendant photo filtering and networking app Instagram wasn't the first hat in the ring.
According to recently uncovered reports, Jack Dorsey (co-founder of Twitter) was not only one of the early investors in Instagram, Twitter also made a bid to buy it months before Facebook did.
Twitter digging around and trying to buy it first might have prompted the high price Facebook ended up paying, if only because of the whiff of competition it spurred.
Then again, there is no report of how much Twitter offered or how seriously the bid was considered.

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